The following particulars in respect of stock options granted by a company are available: Grant date April 1, 2014 Number of employees covered 300 Vesting condition: Continuous employment upto 31/03/14 100 Nominal value per share $ 10 Exercise price per share $ 40 Fair value of option per share on grant date 20 Exercise date July 31, 2017 The number of options to vest per employee shall depend on company's average annual earnings after tax during vesting period as per the table below: Average annual earnings after tax Number of options per employee Less than $ 100 crores Nil 100 crores to less than $ 120 crores 30 120 crores to less than $ 150 crores 45 Above $ 150 crores 60 Position on 31/03/15 = (a) The company expects to earn $115 crores after tax on average per year during vesting period. (b) Number of employees expected to be entitled to option = 280 Position on 31/03/16 (a) The company expects to earn $ 130 crores after tax on average per year during vesting period. (b) Number of employees expected to be entitled to option = 270 Position on 31/03/17 (a) The company earned $ 128 crores after tax on average per year during vesting period. (b) Number of employees entitled to option = 275 Position on July 31, 2017 (a) Number of employees exercising option = 265 Compute expenses to be recognised in each year