Crocs announced last Thursday that it would buy out the stock options taken by its employees with an exercise price of $10.50 a share or more. Assuming that all of the just over 5 million unvested eligible options are tendered and accepted, the company will spend about $315,000 in cash for the offer.

It expects to incur a charge of $32 million in relation to this buy-back program, taking into account "compensation expense related to the acceleration of vesting" in the options. The offer is good through April 30.

After the announcement, the company’s stock price rose to $1.90 but closed the day at $1.77, up 31 cents, with volume more than triple the daily average.

Separately, earlier last week Crocs said it had been granted a six-month extension on its existing credit facility with Union Bank of California until Sept. 30, from a scheduled maturity date of April 2. The amendment includes scheduled principal and interest payments and scheduled reductions in applied interest rate.

Though not quite like Heelys, Crocs is still in good shape financially. It had $51.6 million in cash and $22.4 million in borrowings under its revolving credit as of Dec. 31, but it continues to negotiate with other lenders for longer-term financing.