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More on Google’s option exchange…

We’ve been following Google’s (GOOG) option exchange program pretty closely, ever since the details were announced last month. As we footnoted earlier this week, the deadline for Googlers to take the company up on its option-exchange offer was Monday morning at 6 in the morning.

Late yesterday, Google disclosed in this filing that 15,642 participants — we’re assuming that means employees — exchanged 7.6 million options, which the company said represented 92.7% of all shares eligible for exchange. Earlier comments from Google put the number of employees with underwater options at 85%. The price on the new options were $308.57, the closing price of Google stock last Friday.

Given how much information Google put out to employees about the option exchange program and given how much Google stock has fallen — it was over $700 at the end of December 2007 — the only real question is why 7.3% of those eligible didn’t exchange their options.

Image source: Paul Sakuma/Associated Press