Dilution of Per-Share Value from Stock Option Exercises
First written in FY2022. 5 of 10 entries say "Materialised", first in FY2024-Q2. Latest entry: FY2026-H1.
The whole theme swung hardest in 2017: 37 of 68 companies on the "Worse" side.
- FY2026-H1MaterialisedAnnual report
「1 December 2025–31 May 2026 (Note 1) 110,400 27,225,514」
During the interim consolidated accounting period, 110,400 shares were actually issued through the exercise of stock acquisition rights. In addition, new potential shares arose through the grant of 54,000 shares to 90 employees under the 32nd Series Stock Acquisition Rights. - FY2025MaterialisedAnnual report
「As of the end of the month preceding the date of filing this document, the number of potential shares from stock acquisition rights represented 13.45% of the Company’s total issued shares.」
Although the proportion of potential shares decreased from 16.07% in the previous fiscal year to 13.45%, 213,300 shares were actually issued through the exercise of stock options in the fiscal year ending November 2025, and dilution continued to occur. - FY2025-H1MaterialisedAnnual report
「1 December 2024–31 May 2025 (Note 1) 173,900 24,675,714 25,916 35,916 25,916 3,001,293」
During the interim consolidated accounting period, 173,900 shares were actually issued through the exercise of stock acquisition rights. In addition, new potential shares arose through the grant of 43,800 shares to 73 employees under the 31st Series Stock Acquisition Rights. - FY2024MaterialisedAnnual report
「The exercise of rights attached to the 2nd Series Unsecured Convertible Bonds with Stock Acquisition Rights increased total issued shares by 1,677,414 and capital stock and capital reserves by ¥468.000 million each.」
In addition to the full conversion of the convertible bonds with stock acquisition rights, stock options were exercised, causing part of the potential dilution to materialize as an actual increase in shares. The proportion of potential shares is stated as 16.07%. - FY2024-Q2MaterialisedAnnual report
「All of the 2nd Series Unsecured Convertible Bonds with Stock Acquisition Rights (with a conversion price adjustment clause) issued on 17 August 2023 had been fully converted by 9 April 2024. As a result, issued shares increased by 1,677,414, while capital stock and capital surplus each increased by ¥468.000 million.」
All convertible bonds with stock acquisition rights were fully converted, and issued shares increased by 1,677,414, causing part of the potential dilution to materialize as an actual increase in shares. The disclosure also records, as a subsequent event, resolutions to issue performance-linked stock acquisition rights for directors covering 476,000 shares and 357,000 shares. - FY2024-Q1WorsenedAnnual report
「Class, description, and number of shares underlying the stock acquisition rights (shares)* Common shares 164,600 (Note 1)」
The 27th Series Stock Acquisition Rights were issued, adding 164,600 potential shares. The issuance of the 28th Series Stock Acquisition Rights, exercisable for 540,000 common shares, was also disclosed, increasing the potential dilution. - FY2023WorsenedAnnual report
「As of the end of the month preceding the date of filing this document, the number of potential shares from stock acquisition rights represented 20.36% of the Company’s total issued shares. If these stock acquisition rights are exercised, the value per share of the Company’s stock may be diluted.」
The proportion of potential shares increased from 12.5% to 20.36%, and, in addition to employee stock acquisition rights, the disclosure includes stock acquisition rights and convertible bonds with stock acquisition rights issued to CVI. - FY2023-Q3WorsenedAnnual report
「Maximum number of shares delivered upon conversion at the initial conversion price: 1,200,000 common shares of the Company; number of potential shares from the issuance: 900,000 shares」
The Company issued convertible bonds with stock acquisition rights and the 25th Series Stock Acquisition Rights to CVI Investments, Inc., creating additional potential dilution of up to 1,200,000 shares and 900,000 potential shares. The disclosure does not state that actual increases in shares from exercise or conversion have occurred at this time. - FY2023-Q1WorsenedAnnual report
「At a meeting of the Board of Directors held on 24 February 2023, the Company resolved to issue stock options to its employees and employees of its subsidiaries, and issued the 23rd and 24th Series Stock Acquisition Rights on 20 March 2023.」
New stock acquisition rights for employees were issued, adding a potential source of dilution from potential shares. - FY2022First statedAnnual report
「The number of potential shares represents 12.5% of the total. If these stock acquisition rights are exercised, the value per share of the Company’s stock may be diluted.」
The disclosure states that the number of potential shares from stock acquisition rights represents 12.5% of total issued shares.