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SAY » Topics » The US$ numbers in the above tables have been translated using the closing exchange rate as of March 31, 2005 1 US$ = Rs 43.62This excerpt taken from the SAY 6-K filed Apr 26, 2005. The US$ numbers in the above tables have been
translated using the closing exchange rate as of March 31,
2005 1 US$ = Rs 43.62
In April 2004, Nipuna established its Employee Stock Option Plan (the “ESOP”). As per the ESOP, the options were granted at fair value as determined by an independent valuer as on the date of the grant and hence no compensation cost has been recognized. These options vest starting with 33.33% at the end of the second year, 33.33% at the end of the third year and remaining 33.34% at the end of the fourth year from the date of grant. During the year ended March 31, 2005, Nipuna issued options for 813,578 Equity shares in June 2004 at weighted average exercise price of Rs.80 (US$1.78) being the fair market value per share. No options were exercised during the period.
Satyam Computer Services recognized deferred stock-based compensation of US$2,244 thousand, US$762 thousand and US$1,745 thousand for the years ended March 31, 2005, 2004 and 2003 respectively. Satyam Computer Services amortized and charged to income US$1,968 thousand, US$1,625 thousand and US$3,380 thousand for the years ended March 31, 2005, 2004 and 2003 respectively. 25
Satyam Computer Services Limited
Notes to the Consolidated Financial Statements — (Continued) Pursuant to APB 25, deferred stock-based compensation has been computed as of grant date based on the difference between the exercise price of the warrants and the market price of underlying shares of Satyam Computer Services. Deferred stock compensation is amortized on a graded vesting basis over the vesting period of the warrants.
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