Crocs Inc is launching a cash tender offer for employee stock options worth up to $315,000. Crocs said it decided to make the tender offer following a decline in its stock price since November 2007, which “has significantly eroded the value of a substantial number of outstanding options held by our employees,” according to a regulatory filing.

The exercise price of the outstanding options far exceeds the present market price of Crocs' common stock, the company said in the filing with the U.S. Securities and Exchange Commission.

The company expects to incur a one-time stock-based compensation charge of up to about $32 million if all unvested eligible options are tendered and accepted. The charge represents the compensation expense related to the acceleration of vesting on the unvested options tendered in the offer, which would otherwise be expensed over their remaining vesting period in the future if not tendered, Crocs said.

As of March 27, there were about 5.1 million options eligible, meaning that they had an exercise price at or above $10.50 per share.

If all the eligible options are tendered and accepted in the offer, the total purchase price would be about $315,000, Crocs said.