Have you looked at options at AMD, how do they hold up (with respect to options?)
Here are some AMD results to take in to account options expense for years 1999 through 2002. When the 3rd QTR 10Q comes out, I will give you three more quarters if you are interested. Numbers are in 1000s. The headings are GAAP Earnings, GAAP Earnings adjusted for stock option expense and S&P Core Earnings.
YearEnd GAAP GAAP w/OP Exp S&P Core Earnings
99 (88,936) (122,497) NA
00 983,026 830,495 NA
01 (60,581) (178,918) (161,000)
02 (1,303,012) (1,449,948) (1,449,948)
PER SHARE DATA
99 (0.30) (0.42) NA
00 2.89 2.37 NA
01 (0.18) (0.54) (0.49)
02 (3.81) (4.24) (4.24)
Here are Intel's numbers to take stock option expense in to account for the same years, 1999 through 2002.
Absolute Earnings Numbers (Millions):
GAAP w/ S&P
Fiscal Year GAAP Op Exp Core Earnings
12/31/99 7,314 M 6,860 M N/A
12/31/00 10,535 M 9,699 M N/A
12/31/01 1,291 M 254 M 740 M
12/31/02 3,117 M 1,947 M 2,329 M
PER SHARE DATA
GAAP w/ S&P
Fiscal Year GAAP EPS Op Exp Core EPS
12/31/99 $1.05 $0.99 N/A
12/31/00 $1.51 $1.40 N/A
12/31/01 $0.19 $0.04 .11
12/31/02 $0.46 $0.29 .35
Note: The GAAP Earnings with stock option expense are taken from the 10ks, and are based on valuing stock options at date of grant and amortizing this expense over the vesting periods.
Standard and Poor's Core Earnings figures include stock option expense and often other adjustments to the GAAP figure as well. Here is a further explanation for Core Earnings:
www2.standardandpoors.com.
Regards, Huey |
