Yahoo CEO Gets Second Option WindfallYahoo CEO Gets Second Option Windfall

SUNNYVALE, Calif. (AP) -- Yahoo! Inc. chief executive Terry Semel realized a $14.6 million gain by exercising 500,000 stock options earlier this week, marking the second time in three months that he has capitalized on the Internet giant's turnaround.

Semel exercised options priced between $9.24 and $16.46 per share, according to Securities and Exchange Commission documents filed Thursday. He sold all 500,000 shares Tuesday at prices ranging from $42.31 to $42.70, the filing said.

The latest windfall comes three months after Semel pocketed $11.1 million by exercising 500,000 options and selling the stock at prices between $32 and $32.57 per share.

Yahoo's market value has more than doubled so far this year, resulting in additional $16 billion in shareholder wealth. The investor enthusiasm flows from a steady stream of higher profits and revenue, punctuating a comeback led by Semel, a former Hollywood movie studio executive hired to run Yahoo in 2001.

The company suffered through an 18-month stretch of losses before Semel's changes began to yield dividends in the spring of 2002.