Intel Corporation (INTC) Message Board

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Technology Stocks : Intel Corporation (INTC)

INTC 46.96

-2.8%

Jan 16 9:30 AM EST

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To: Thomas M. who wrote (97502)	1/25/2000 12:08:00 PM
From: Michael Bakunin	Read Replies (2) of 186894

I'm not sure that's the proper way to expense options grants. SFAS 123 isn't perfect, but it's a place to start. According to the footnotes, fiscal '98 earnings would have dropped only a little, to $5.8 billion. See edgar.sec.gov The full effect of SFAS 123 won't be felt 'til fiscal '99, since options granted before '94 aren't considered. Moreover, while I think SFAS 123 is too lenient, I'd expense, at most, the fair value of all options granted. During fiscal '98, that was closer to $1 billion than $3.5. Buybacks are management's business, not an intrinsic part of options plans. -mb PS - sure feels odd to play devil's advocate on this subject -g-

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