Risk of Dilution of Share Value Due to Stock Options
First written in FY2016. 21 of 29 entries say "Materialised", first in FY2018. Latest entry: 2026-08-14.
Pro-Ship moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
71 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「Exercised: 601,600 Expired: 476,400 Remaining unexercised: -」
The exercise of 601,600 shares underlying the ninth series of stock acquisition rights resulted in a share issuance, while the remaining 476,400 shares expired, leaving no unexercised balance. - FY2026-H1MaterialisedAnnual report
「1 April 2025–30 September 2025 (Note) 148,500 15,819,200 153,994 924,573 153,846 890,024 (Note) 1. Increase resulting from the exercise of stock acquisition rights.」
During the interim consolidated accounting period, the exercise of stock acquisition rights increased the total number of issued shares by 148,500, meaning that part of the potential dilution occurred as an actual share issuance. - FY2025-H1MaterialisedAnnual report
「1 April 2024–30 September 2024 (Note) 55,900 15,670,700 47,726 770,578 47,726 736,178 (Note) Increase resulting from the exercise of stock acquisition rights.」
The exercise of stock acquisition rights increased the total number of issued shares by 55,900, meaning that part of the potential dilution occurred as an actual share issuance. - FY2024WorsenedAnnual report
「Going forward, the Company will grant restricted stock compensation to secure outstanding talent and enhance the motivation of directors and employees. If stock options are exercised, the value of each share may be diluted.」
In addition to stock options, restricted stock compensation has been introduced, broadening the scope of risks to dilution and share supply and demand associated with equity compensation. The current fiscal year also saw the issuance of 5,000 shares resulting from the exercise of stock acquisition rights. - FY2023MaterialisedAnnual report
「Common shares (Note) 1 15,502,800 107,000 - 15,609,800」
The exercise of stock acquisition rights increased the total number of issued shares by 107,000, meaning that part of the potential dilution occurred as an actual share issuance. At period-end, 443,000 shares underlying the eighth series of stock acquisition rights and 625,000 shares underlying the ninth series remained outstanding. - FY2023-Q2MaterialisedAnnual report
「1 July 2022–30 September 2022 (Note) 92,400 15,605,800 60,221 716,084 60,221 681,684 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the second quarter, the exercise of stock acquisition rights increased the total number of issued shares by 92,400, meaning that part of the potential dilution occurred as an actual share issuance. - FY2023-Q1MaterialisedAnnual report
「1 April 2022–30 June 2022 (Note) 10,600 15,513,400 6,908 655,862 6,908 621,462 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the first quarter, the exercise of stock acquisition rights increased the total number of issued shares by 10,600, meaning that part of the potential dilution occurred as an actual share issuance. - FY2022MaterialisedAnnual report
「Common shares (Note) 1 15,385,800 117,000 - 15,502,800」
The exercise of stock acquisition rights increased the total number of issued shares by 117,000, meaning that part of the potential dilution occurred as an actual share issuance. - FY2022-Q3MaterialisedAnnual report
「1 October 2021–31 December 2021 (Note) 53,700 15,457,900 38,257 617,935 38,257 583,535 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the third quarter, the exercise of stock acquisition rights increased the total number of issued shares by 53,700, meaning that part of the potential dilution occurred as an actual share issuance. - FY2022-Q2WorsenedAnnual report
「At a meeting of the Board of Directors held on 29 October 2021, the Company resolved as follows regarding the issuance of stock acquisition rights as stock options under Articles 236, 238 and 239 of the Companies Act, as approved at the 52nd annual general meeting of shareholders held on 22 June 2021. 1. Class and number of shares underlying the stock acquisition rights Common shares of the Company: 699,000 shares」
The Board of Directors' resolution of 29 October 2021 gave concrete form to the issuance of stock acquisition rights representing 699,000 underlying shares. The exercise period runs from 13 November 2023 to 12 November 2025, expanding the potential dilution exposure. - FY2022-Q1MaterialisedAnnual report
「1 April 2021–30 June 2021 (Note) 2,800 15,388,600 1,824 569,411 1,824 535,011 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the first quarter, the exercise of stock acquisition rights increased the total number of issued shares by 2,800, meaning that part of the potential dilution occurred as an actual share issuance. - FY2021WorsenedAnnual report
「Common shares Up to 800,000 shares. Of this amount, allocations for directors, excluding directors who are Audit & Supervisory Committee members, are capped at 120,000 shares, and allocations for directors who are Audit & Supervisory Committee members are capped at 60,000 shares.」
The 22 June 2021 resolution established a new stock option quota with up to 800,000 underlying shares. In addition, the current fiscal year saw an increase of 153,800 in the number of issued shares resulting from the exercise of stock acquisition rights, expanding the potential dilution exposure. - FY2021-Q3MaterialisedAnnual report
「1 October 2020–31 December 2020 (Note) 132,800 15,371,000 46,366 557,940 46,366 523,540 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the third quarter, the exercise of stock acquisition rights increased the total number of issued shares by 132,800, meaning that part of the potential dilution occurred as an actual share issuance. - FY2021-Q2MaterialisedAnnual report
「1 July 2020– 30 September 2020 (Note) 6,200 15,238,200 3,368 511,573 3,368 477,173 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the second quarter, the exercise of stock acquisition rights increased the total number of issued shares by 6,200, meaning that part of the potential dilution occurred as an actual share issuance. - FY2020-Q3MaterialisedAnnual report
「1 October 2019–31 December 2019 (Note) 38,800 15,206,400 20,315 495,283 20,315 460,883 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the third quarter, the exercise of stock acquisition rights increased the total number of issued shares by 38,800, meaning that part of the potential dilution occurred as an actual share issuance. - FY2020-Q2MaterialisedAnnual report
「1 July 2019–30 September 2019 (Note) 5,200 15,167,600 1,641 474,968 1,641 440,568 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the second quarter, the exercise of stock acquisition rights increased the total number of issued shares by 5,200, meaning that part of the potential dilution identified at the end of the previous fiscal year occurred as an actual share issuance. - FY2020-Q1WorsenedAnnual report
「At a meeting of the Board of Directors held on 30 July 2019, the Company resolved as follows regarding the issuance of stock acquisition rights as stock options under Articles 236, 238 and 239 of the Companies Act, as approved at the 50th annual general meeting of shareholders held on 19 June 2019. 1. Class and number of shares underlying the stock acquisition rights Common shares of the Company: 653,000 shares」
The Board of Directors resolved to issue stock acquisition rights, giving concrete form to potential dilution exposure relating to 653,000 underlying shares and an exercise period from 15 August 2021 to 14 August 2024. No share issuance resulting from exercise had occurred as of the end of the quarter. - FY2019WorsenedAnnual report
「Common shares: up to 800,000 shares. Of this amount, allocations for directors, excluding directors who are Audit & Supervisory Committee members, are capped at 120,000 shares, and allocations for directors who are Audit & Supervisory Committee members are capped at 60,000 shares.」
A new grant quota with up to 800,000 underlying shares is disclosed for the stock acquisition rights resolved on 19 June 2019. In addition, the current fiscal year saw an increase of 58,000 in the number of issued shares resulting from the exercise of stock acquisition rights, expanding the potential dilution exposure. - FY2019-Q3MaterialisedAnnual report
「1 October 2018– 31 December 2018 (Note 1) 6,600 7,551,400 4,167 454,507 4,167 420,107 (Note) 1. Increase resulting from the exercise of stock acquisition rights.」
During the third quarter, the exercise of stock acquisition rights increased the total number of issued shares by 6,600, meaning that part of the potential dilution continued to occur as an actual share issuance. - FY2019-Q2MaterialisedAnnual report
「5,800 7,544,800 3,662 450,339 3,662 415,939 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the second quarter, the exercise of stock acquisition rights increased the total number of issued shares by 5,800, meaning that part of the potential dilution occurred as an actual share issuance. - FY2019-Q1MaterialisedAnnual report
「1 April 2018–30 June 2018 (Note) 9,200 7,539,000 5,809 446,676 5,809 412,276 (Note) Increase resulting from the exercise of stock acquisition rights.」
During the first quarter, the exercise of stock acquisition rights increased the total number of issued shares by 9,200, meaning that part of the potential dilution continued to occur as an actual share issuance. - FY2018MaterialisedAnnual report
「The treasury shares disposed of during the fiscal year include 185,000 shares and ¥274,355,000 resulting from the exercise of stock options.」
The exercise of stock options resulted in the disposal of 185,000 treasury shares, meaning that part of the potential dilution occurred as an actual disposal of shares. At period-end, 184,000 shares underlying the sixth series of stock acquisition rights and 306,400 shares underlying the seventh series remained unexercised. - FY2018-Q2WorsenedAnnual report
「The stock acquisition rights issued during the second quarter accounting period were as follows.」
The issuance of 3,368 stock acquisition rights, representing 336,800 underlying shares, is disclosed, giving concrete form to the potential for future dilution upon exercise. The exercise period runs from 20 September 2019 to 19 September 2022, and the disclosure does not state that dilution itself had occurred as of the end of the quarter. - FY2017WorsenedAnnual report
「Number of shares Up to 400,000 shares. Of this amount, allocations for directors, excluding directors who are Audit & Supervisory Committee members, are capped at 60,000 shares, and allocations for directors who are Audit & Supervisory Committee members are capped at 30,000 shares.」
The resolution approved at the annual general meeting of shareholders held on 21 June 2017 sets the maximum number of shares underlying stock acquisition rights for directors, employees and others at 400,000, giving concrete form to the potential for dilution. - FY2016First statedAnnual report
「If stock options are exercised, the value of each share may be diluted.」
While stock options are used to secure talent and enhance motivation, the potential for dilution resulting from their exercise is also disclosed.