Dilution of Per-Share Value Through Stock Option Exercise
First written in FY2016. 8 of 26 entries say "Materialised", first in FY2024-Q1. Latest entry: FY2026.
Urbanet Corporation moved to the "Worse" side of this theme in 2024, 4 years after the typical company in this theme (2020).
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
69 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「Number of bonds with stock acquisition rights and other instruments with adjusted exercise-price clauses exercised during the period (units) 20,000 Number of shares delivered in connection with exercises during the period (shares) 2,000,000 Funds raised through exercises during the period (¥ thousand) 896,200」
The exercise of the 12th series of stock acquisition rights resulted in the delivery of 2 million shares during the fiscal year, meaning potential dilution progressed into an actual share issuance. - FY2026-H1MaterialisedAnnual report
「Number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised during the interim accounting period (units) 20,000 Number of shares delivered upon exercise during the interim accounting period (shares) 2,000,000 Funds raised through exercises during the interim accounting period (¥ thousands) 896,200」
The exercise of the 12th Series Share Acquisition Rights resulted in the actual delivery of 2 million shares during the first half, raising ¥896 million. Potential dilution is progressing as actual share issuance. - FY2025MaterialisedAnnual report
「The 2,800,000-share increase in the total number of issued shares resulted from the exercise of the 10th and 11th Series Share Acquisition Rights. Between 1 July 2025 and 31 August 2025, the total number of issued shares increased by 1,000,000 shares through the exercise of share acquisition rights.」
During FY2025, 2.8 million shares were delivered through the exercise of share acquisition rights, and a further 1 million shares were delivered from July to August 2025 before the filing date. Potential dilution is progressing as actual share issuance. - FY2025-H1MaterialisedAnnual report
「(10th Series Share Acquisition Rights) Number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised during the interim accounting period (units) 7,000 Number of shares delivered upon exercise during the interim accounting period (shares) 700,000 Funds raised through exercises during the interim accounting period (¥ thousands) 262,430 Cumulative number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised as of the end of the interim accounting period (units) 21,000 Cumulative number of shares delivered in connection with such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments as of the end of the interim accounting period (shares) 2,100,000」
The exercise of the 10th Series Share Acquisition Rights resulted in the delivery of 700,000 shares during the interim consolidated accounting period, bringing cumulative shares delivered to 2.1 million. A further 150,000 shares were delivered under the 11th Series Share Acquisition Rights, and potential dilution is progressing as actual share issuance. - FY2024MaterialisedAnnual report
「Cumulative number of shares delivered in connection with such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments as of the end of the period (shares) 1,400,000」
Potential dilution from the share acquisition rights progressed to the actual delivery of 1,400,000 shares by the end of FY2024. - FY2024-Q3MaterialisedAnnual report
「Cumulative number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised as of the end of the quarter (units) 8,000 Cumulative number of shares delivered in connection with such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments as of the end of the quarter (shares) 800,000」
The exercise of the 10th Series Share Acquisition Rights resulted in cumulative delivery of 800,000 shares by the end of the third quarter, converting potential dilution into actual share issuance. - FY2024-Q2MaterialisedAnnual report
「During the second quarter, share acquisition rights relating to bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments were exercised as follows. (10th Series Share Acquisition Rights) Number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised during the quarter (units) 3,000 Number of shares delivered upon exercise during the quarter (shares) 300,000 Cumulative number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised as of the end of the quarter (units) 4,000 Cumulative number of shares delivered in connection with such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments as of the end of the quarter (shares) 400,000」
The exercise of the 10th Series Share Acquisition Rights resulted in the delivery of 300,000 shares during the second quarter, bringing cumulative shares delivered to 400,000. The potential dilution risk is progressing as actual share issuance. - FY2024-Q1MaterialisedAnnual report
「During the first quarter, share acquisition rights relating to bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments were exercised as follows. (10th Series Share Acquisition Rights) Number of such bonds with share acquisition rights subject to revision clauses for the exercise price and similar instruments exercised during the quarter (units) 1,000 Number of shares delivered upon exercise during the quarter (shares) 100,000」
The exercise of the 10th Series Share Acquisition Rights resulted in the actual delivery of 100,000 shares, converting the previously potential dilution risk into a share issuance. - FY2023WorsenedAnnual report
「Potential shares from this issuance: 2,100,000 shares (100 shares per share acquisition right)」
The existing stock options expired, leaving no potential shares, while the company disclosed plans for 6.2 million potential shares to arise from 3 types of third-party allotment share acquisition rights after the filing date. Of the 10th Series Share Acquisition Rights, 100,000 shares were exercised on 27 September 2023. - FY2023-Q3MitigatedAnnual report
「Diluted quarterly net income per share is not presented because no potential shares existed.」
Diluted earnings per share is not presented because there were no potential shares. This reconfirms the absence of dilution exposure. - FY2021MitigatedAnnual report
「Diluted net income per share for the 24th fiscal year is not presented because there were no potential shares.」
The potential shares ceased to exist as the stock options expired or for other reasons, eliminating dilution exposure for the period. - FY2021-Q3MitigatedAnnual report
「Diluted quarterly net income per share for the cumulative third quarter of the 24th fiscal year is not presented because there were no potential shares with a dilutive effect.」
The company states that there were no potential shares with a dilutive effect for the cumulative third quarter. - FY2021-Q2MitigatedAnnual report
「Diluted quarterly net income per share for the cumulative second quarter is not presented because there were no potential shares with a dilutive effect.」
The company states that there were no potential shares with a dilutive effect for the cumulative second quarter, indicating reduced dilution exposure for the period. - FY2020SoftenedAnnual report
「Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 1,750 Number of shares underlying the share acquisition rights: 175,000 shares」
The unexercised balance of the stock options was at the same level as the 175,000 shares in the previous fiscal year, and was down from the 195,000 potential shares in the previous disclosure. - FY2020-Q3Update to disclosure of potential shares and diluted earningsAnnual report
「(2) Diluted quarterly net income per share ¥20.77 (Basis of calculation) Adjustment to quarterly net income attributable to owners of the parent (¥ thousands) － Increase in common shares (shares) 7,228 Overview of potential shares excluded from the calculation of diluted quarterly net income per share because they had no dilutive effect, but which underwent material changes from the end of the previous consolidated fiscal year Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 1,950 Number of shares underlying the share acquisition rights: 195,000 shares」
An increase of 7,228 common shares was included in the calculation of diluted quarterly net income per share, and 195,000 potential shares were disclosed. The stated number of potential shares changed from the previous disclosure, but the text does not explain why. - FY2020-Q2Inclusion in diluted earningsAnnual report
「(2) Diluted quarterly net income per share ¥15.72 (Basis of calculation) Adjustment to quarterly net income attributable to owners of the parent (¥ thousands) － Increase in common shares (shares) 11,103」
For the cumulative second quarter, an increase of 11,103 common shares was included in the calculation of diluted quarterly net income per share. - FY2020-Q1Inclusion in diluted earningsAnnual report
「(2) Diluted quarterly net income per share ¥11.94 (Basis of calculation) Adjustment to quarterly net income attributable to owners of the parent (¥ thousands) － Increase in common shares (shares) 5,273」
For the quarter, an increase of 5,273 common shares was included in the calculation of diluted earnings per share. The total number of issued shares itself was unchanged at 25,158,100 shares. - FY2019SoftenedAnnual report
「Unexercised balance 175,000」
The unexercised balance of the 2016 stock options was 175,000 shares, down from 195,000 shares in the previous disclosure. - FY2019-Q3Update to disclosure of potential sharesAnnual report
「Overview of potential shares excluded from the calculation of diluted quarterly net income per share because they had no dilutive effect, but which underwent material changes from the end of the previous consolidated fiscal year Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 2,290 Number of shares underlying the share acquisition rights: 229,000 shares Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 (share acquisition rights) Share acquisition rights: 1 type Number of share acquisition rights: 1,950 Number of shares underlying the share acquisition rights: 195,000 shares」
The company has disclosed stock options underlying 229,000 shares and 195,000 shares as potential shares. The stated number of shares underlying one of the options changed from 181,000 shares in the previous disclosure to 195,000 shares, but the original text does not give a reason. - FY2019-Q2SoftenedAnnual report
「Overview of potential shares excluded from the calculation of diluted quarterly net income per share because they had no dilutive effect, but which underwent material changes from the end of the previous consolidated fiscal year Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 2,290 Number of shares underlying the share acquisition rights: 229,000 shares Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 1,810 Number of shares underlying the share acquisition rights: 181,000 shares」
The number of shares underlying the same stock option decreased from 195,000 shares in the previous disclosure to 181,000 shares, corresponding to the exercise of share acquisition rights for 14,000 shares during the second quarter. - FY2019-Q1Disclosure of material changes in potential sharesAnnual report
「Overview of potential shares excluded from the calculation of diluted quarterly net income per share because they had no dilutive effect, but which underwent material changes from the end of the previous consolidated fiscal year Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 2,290 Number of shares underlying the share acquisition rights: 229,000 shares Stock options (share acquisition rights) approved by the Board of Directors on 15 November 2016 Share acquisition rights: 1 type Number of share acquisition rights: 1,950 Number of shares underlying the share acquisition rights: 195,000 shares」
The company has disclosed stock options underlying 229,000 shares and 195,000 shares as potential shares that underwent material changes from the end of the previous consolidated fiscal year. The original text does not explicitly state how these figures changed from the 222,000 shares at the end of the previous fiscal year, so the increase in risk cannot be concluded. - FY2018SoftenedAnnual report
「As of the end of the consolidated fiscal year, the number of potential shares represented by stock options was 222,000, compared with total issued shares of 25,144,100.」
The number of potential shares decreased from 291,500 at the end of the previous fiscal year to 222,000, while the potential for dilution through future exercise continues to be disclosed. - FY2018-Q2Increase in Issued Shares through Exercise of Share Acquisition RightsAnnual report
「1 October 2017–31 December 2017 24,700 25,144,100 4,100 1,682,463 4,100 1,082,675 (Note) Increase resulting from the exercise of share acquisition rights.」
The disclosure states that the number of issued shares increased by 24,700 through the exercise of share acquisition rights. - FY2017WorsenedAnnual report
「As of the end of the consolidated fiscal year, the number of potential shares represented by stock options was 291,500, compared with total issued shares of 25,091,900.」
The number of potential shares was specified as 291,500, updating the total from the share acquisition rights issued previously. - FY2017-Q2WorsenedAnnual report
「Number of shares underlying the share acquisition rights (shares): 240,000」
Share acquisition rights covering 240,000 new shares were issued, specifying potential shares that could lead to future dilution of share value. - FY2016First statedAnnual report
「The stock options granted by the Company are limited to no more than 1% of the total number of issued shares per grant. However, if stock options granted in the future, in addition to those currently outstanding, are exercised, the per-share value of the Company’s shares may be diluted.」
The disclosure states a limit of no more than 1% per grant and the potential for dilution upon future exercise.