Microsemi's acceleration of options

In a press release today Microsemi's board of director's stated that it had accelerated the vesting of all of its 8.2 M (note that "only" 35% are held by executive officers and directors, geez why not just leave open the company safe) stock options in order to avoid stock compensation expense under SFAS 123(r). The release goes on to state:

Microsemi took the action in the belief that it is in the best interests of stockholders to minimize future compensation expense, and this was the purpose of the vesting acceleration. Upon Microsemi's planned adoption of FASB Statement No. 123 R, "Share-Based Payment," effective for fiscal year 2006, vesting of unvested options will add to Microsemi's compensation expense. Therefore, we accelerated vesting into fiscal year 2005 before the new accounting rule takes effect.

Stock options are granted for numerous reasons: one being to align employees interests with those of stockholders, but if a company is just giving them away what is the point?

The chairman of Microsemi stated:
Microsemi's Chairman Dennis R. Leibel commented, "We believe that the accelerated vesting of these options is in the best interests of Microsemi and its stockholders, as this action will avoid a significant non-cash compensation expense in future periods and has minimal net effect on the optionees."