Google's employees, it seems, don't just get a free lunch. The Internet giant's questionable decision to reprice employee stock options, implemented three days before stocks hit their nadir in March, also has proved a nice perk for employees.

Google exchanged a total of 7.6 million stock options with an average exercise price close to $522 for an equivalent number exercisable at $308.57, Google's then-market price. In recent days Google has traded above $500, which means each option now has built in profits of nearly $200...