Microsoft Corp. on Thursday handed out stock-based bonuses worth close to $1 billion to more than 900 executives and managers, the first awards since the company revamped its compensation program three years ago.

In filings to the Securities and Exchange Commission (SEC), Microsoft disclosed stock awards to eight top executives totaling $81.4 million at Friday morning's share price. Jeffrey Raikes, the president of Microsoft's Business Group -- which produces Office, among other products -- took home the biggest bonus: more than 875,000 shares worth $22.5 million.

Other executives whose awards required filings to the SEC included Robert Bach, the president of the entertainment division ($8.4 million); Frank Brod, chief accounting officer ($649,000); Lisa Brummel, a senior vice president in human resources ($4.5 million); Kevin Johnson, co-president of the platforms group ($18 million); Christopher Liddell, chief financial officer ($3.8 million), Brad Smith, general counsel ($7.1 million), and Kevin Turner, chief operating officer ($16.2 million).

All told, Microsoft issued about 37 million shares to some 900 executives.

The bonuses, which were for work performed during the last three years, will be given out over a three-year period, assuming the executives remain with the company. Raikes, for example, received one-third of the 875,000-some shares immediately that were worth $7.5 million; the remaining two-thirds of the bonus will be issued over the next two years.

Microsoft's top-two executives, Chairman Bill Gates, and Chief Executive Officer Steve Ballmer, do not receive bonuses under the plan.

The awards marked the first time that Microsoft issued stock-based bonuses since the company tossed out its stock option program in 2003 and rolled out what it calls the "Shared Performance Stock Award Program."

In early trading Friday, Microsoft shares were off 6 cents, or 0.23 percent, to $25.65.