For Yahoo! ( YHOO) CEO Terry Semel, the wait was worth it.The executive didn't get a bonus for 2003, even after Yahoo! stock more than doubled. But Semel won't exactly go wanting, either. Semel waited until last month to receive 2.9 million stock options based on his performance last year, according to the proxy statement Yahoo! filed Friday and revised Monday. Because 900,000 of those options vested immediately, the recent run-up in Yahoo!'s stock gives the Yahoo! chief a $12 million paper profit on that options grant -- a nice addition to Semel's base salary of $600,000. Meanwhile, three other top executives at the Internet bellwether enjoyed generous raises in 2003, in a further demonstration of how Yahoo!'s financial performance and surging stock price have translated into executive compensation in Internet time. Semel's options grant also spotlights the significant impact that expensing options will have on Yahoo!'s bottom line, should the Financial Accounting Standards Board get its way in mandating how companies treat stock options grants. Yahoo!'s shares, which leaped 16% Thursday following the release of shockingly strong first-quarter results, dropped $1.03 Monday to $55.18. The stock has more than tripled over where it was trading in January 2003.