At some companies options could result in a sharp dilution of equity. Though tech outfits are the most profligate, others are on their heels.

Annual option grants as % of shares outstanding *

SIEBEL SYSTEMS 16.5% BROADCOM 15.0 PEOPLESOFT 10.1 APPLE COMPUTER 9.4 RATIONAL SOFTWARE 9.0 NATIONAL SEMICONDUCTOR 9.0 NOVELL 8.8 QUINTILES TRANSNATIONAL 9.4 LEHMAN BROTHERS 9.4 TMP WORLDWIDE 7.5 MCKESSON 6.8 MERRILL LYNCH 5.8 PEPSI BOTTLING GROUP 5.8 S&P 500 AVERAGE 1.9

* Three-year average

Data: Lehman Brothers Inc., BusinessWeek

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