Another day, another option exchange program…

Lately, it seems like hardly a day goes by when some other company isn’t rolling out an option exchange program. The filings are virtually identical with stories of woefully overpriced options damaging employee morale. Footnoted regulars may remember that Google (GOOG) seemed to kick things off earlier this year with its option exchange program. But since then, we’ve counted dozens of others.

Today’s entry is from Cardinal Health (CAH), which has been something of a frequent flyer on footnoted. In this filing from earlier today, they talk about giving employees the right to exchange options that are priced higher than $56.45 a share. The filing includes a wide range of additional material from FAQs to screenshots of the back end, now doubt to help people like this truck driver understand the benefits of trading in their boatloads of options for new, lower priced ones.

A quick scan of Edgar shows that the pace of companies offering stock option exchange programs seems to be accelerating. We counted over 80 filings that mentioned stock option exchange programs in June 2009, compared to just 11 filings in 2008. Granted, many of those are multiple filings for the same company. Still, it’s hard to ignore the fact that option exchange programs seem to have really taken off lately.