How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 483.69

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3:59 PM EST

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To: Sam Asava who wrote (11552)	10/21/1998 2:52:00 AM
From: Michael Bakunin	of 74651

It's not midnight in Pacific Time. So, how about this: Read microsoft.com What do you make of their pro-forma expensing scheme for ESOs? It looks to me like they're saying that reported EPS is hiding a huge opportunity cost. As I read it, if they sold, rather than granted, calls and paid employees the cash, pro forma earnings are: Three Months Ended Sept. 30, 1998 Reported Proforma Operating income 2,082 922 Net income available for common shareholders 1,676 898 Diluted EPS 0.62 0.35 Any shareholder, it seems to me, should at least be perturbed. Thoughts? mb

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