On december 31 2007 filmore company granted some of its

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On December 31, 2007, Filmore Company granted some of its executives options to purchase 50,000 shares of the company's $10 par common stock at an option price of $50 per share. The options become exercisable on January 1, 2008, and represent compensation for executives' services over a three-year period beginning January 1, 2008. The Black-Scholes option pricing model determines total compensation expense to be $300,000. At December 31, 2008, none of the executives had exercised their options. What is the impact on Filmore's net income for the year ended December 31, 2008 as a result of this transaction under the fair value method?

Reference no: EM13602095

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