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Options: The Hidden Costs
In a footnote in this year's annual reports, companies are required to
disclose--for the first time--the cost of options. Although current accounting
rules treat options as cost-free, here's what a handful of companies would have
to deduct from 1996 earnings if options were accounted for:
MILLIONS
MCI COMMUNICATIONS $97
PEPSICO 68
BRISTOL-MYERS SQUIBB 55
J.P. MORGAN 52
TRAVELERS 51
GILLETTE 47
MORGAN STANLEY 43
RAYTHEON 29
COMPAQ 21
REPUBLIC INDUSTRIES 18
USAIRWAYS 15
DATA: PEARL MEYER & PARTNERS INC.; BEAR, STEARNS & CO.; COMPANY REPORTS;
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Updated June 15, 1997 by bwwebmaster
Copyright 1997, by The McGraw-Hill Companies Inc. All rights reserved.
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