Note that the last line, the options granted with excersing price
above 50. They must be newly granted. However, although the contract
life of the options are 9.9 years, about 1/2 are already excersable.
Most company grant options that will not vest at least after one full
year (1/3 after one full year, 1/3 after two years, and 1/3 after 3
years, for example).
AMZN employees know the stock price is overvalued and they want to
cash in as soon as possible.
In addition, AMZN granted more than 2.5 million shares of option in
1997. At that pace, the options outstanding today could be well above
5 million shares.
Balance December 31, 1996............................. 3,328,851 0.448
Options granted:
At fair market value............................. 1,592,425 23.128
At less than fair market value................... 1,378,350 2.840
Options canceled.................................... (424,230) 3.195
Options exercised................................... (1,365,564) 0.380
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Balance December 31, 1997............................. 4,509,832 8.949
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