A quick expert from Google's recent Q

Stock-Based Compensation (SBC) – In the second quarter of 2008, the
total charge related to SBC was $273 million as compared to $281
million in the first quarter of 2008.

We currently estimate stock-based compensation charges for grants to
employees prior to July 1, 2008 to be approximately $1.1 billion for
2008. This does not include expenses to be recognized related to
employee stock awards that are granted after July 1, 2008 or non-
employee stock awards that have been or may be granted. We currently
anticipate that dilution related to all equity grants to employees will
be at or below 2% this year.