Dell Exercised Options for About $199 Million

Dell Computer Corp. founder and Chairman Michael Dell realized almost $199 million in paper gains by exercising options during the company’s fiscal 2001 when stock in the personal-computer maker lost 35% of its value.

The 36-year-old executive, logged the gains when he exercised more than 18 million option shares, according to a company filing with the Securities and Exchange Commission.

Dell exercised the options in December and January, when the company’s share price dipped to its lowest levels in almost three years. The stock hit a 32-month low of $16.25 on Dec. 21.

Dell still holds the shares, the filing said. Dell controls about 12% of the company’s 314 million shares.

Shares in the Austin, Texas-based company closed off 5 cents at $24.36 on Nasdaq.