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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (18985)	3/30/2004 5:08:03 AM
From: Richard Gibbons	Read Replies (1) \| Respond to of 78476

Re: BEL. It looks pretty cheap to me now. However, the one thing that bothers me a bit is their options grants. Looking at the 40-F from 2002, it seems like they're granting roughly 800K/year. For a company with roughly 16M shares outstanding, that seems like pile. Potentially 5% dilution every year? If you look at their pro-forma earnings if options were expensed, their basic 2002 EPS would have been reduced from $0.79 to $0.69. Does anyone have any comments on this? Am I reading this right? If so, how did you get around it? Reason that the growth rate was high enough that the dilution wasn't a big deal? Just hold your nose and buy? Richard