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On October 15, 2015, the board of directors of Ensor Materials Corporation approved a stock option...

On October 15, 2015, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2016, 19 million stock options were granted, exercisable for 19 million shares of Ensor's $1 par common stock. The options are exercisable between January 1, 2019, and December 31, 2021, at 90% of the quoted market price on January 1, 2016, which was $20. The fair value of the 19 million options, estimated by an appropriate option pricing model, is $6 per option.

1.9 million options were forfeited when an executive resigned in 2017. All other options were exercised on July 12, 2020, when the stock's price jumped unexpectedly to $38 per share.

1. Record compensation expense on December 31, 2017.

2. Record compensation expense on December 31, 2018.

3. Record the exercise of the options in 2020.
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