A new accounting rule that went into effect for most companies on January 1 requires that the cost of stock options be subtracted from earnings. That prompted a stampede of accelerated vesting, or bringing options granted before 2006 up to full value early.
The result: Over the next few years, earnings will appear higher than they would have otherwise.
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Some companies say that's just good business sense -- like taking advantage of a tax deduction before it disappears. But watchdogs such as the Corporate Library say early vesting clouds the earnings picture and undermines the premise that stock options are meant to be a long-term incentive.
Here's a list, provided by the Corporate Library, of companies that have fast-forwarded stock options.
| COMPANY NAME | SYMBOL | | Acxiom Corporation | ACXM | | Adesa Inc. | KAR | | Administaff Inc. | ASF | | Advanced Energy Industries Inc. | AEIS | | Advanced Micro Devices Inc. | AMD | | Agere Systems Inc. | AGR | | AirTran Holdings Inc. | AAI | | AK Steel Holding Corp. | AKS | | Alcoa Inc. | AA | | Allergan Inc. | AGN | | Amerigroup Corp. | AGP | | AmerisourceBergen Corp. | ABC | | Amkor Technology Inc. | AMKR | | AmSouth BanCorp. | ASO | | Analog Devices Inc. | ADI | | Andrew Corp. | ANDW | | Andrx Corp. | ADRX | | Applera Corp. - Applied Biosystems | ABI | | Applera Corp. - Celera Genomics | CRA | | Applica Incorporated | APN | | Apria Healthcare Group Inc. | AHG | | Armor Holdings Inc. | AH | | Ashworth Inc. | ASHW | | Astoria Financial Corp. | AF | | Avaya Inc. | AV | | Avid Technology Inc. | AVID | | Avocent Corp. | AVCT | | Axcelis Technologies Inc. | ACLS | | Ball Corp. | BLL | | Bank of Hawaii Corp. | BOH | | BankUnited Financial Corp. | BKUNA | | BE Aerospace Inc. | BEAV | | Benchmark Electronics Inc. | BHE | | Big Lots Inc. | BLI | | Biogen Idec Inc. | BIIB | | BioLase Technology Inc. | BLTI |
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Companies that have fast-forwarded stock options (page 2).
| COMPANY NAME | SYMBOL | | BISYS Group Inc. (The) | BSG | | Black Box Corp. | BBOX | | Bombay Co. Inc. (The) | BBA | | Borland Software Corp. | BORL | | Boston Communications Group Inc. | BCGI | | Bowater Inc. | BOW | | BroadVision Inc. | BVSN | | Brocade Communications Systems Inc. | BRCD | | Brooks Automation Inc. | BRKS | | Buckeye Technologies Inc. | BKI | | CD Technologies Inc. | CHP | | Cabot Microelectronics Corp. | CCMP | | Cabot Oil Gas Corp. | COG | | Cambrex Corp. | CBM | | Captaris Inc. | CAPA | | Career Education Corp. | CECO | | Catalina Marketing Corp. | POS | | CBS Corp. | CBS | | Centene Corp. | CNC | | Central Freight Lines Inc. | CENF | | Chemed Corp. | CHE | | Ciena Corp. | CIEN | | Cincinnati Bell Inc. | CBB | | Circuit City Stores Inc. | CC | | Clarcor Inc. | CLC | | Comcast Corp. | CMCSA | | CommScope Inc. | CTV | | Community Health Systems Inc. | CYH | | Computer Task Group Inc. | CTG | | Connetics Corp. | CNCT | | Cooper Tire Rubber Co. | CTB | | Corinthian Colleges Inc. | COCO | | Corning Inc. | GLW | | Credence Systems Corp. | CMOS | | Cree Inc. | CREE | | Cross Country Healthcare Inc. | CCRN | | Cryolife Inc. | CRY | | CTS Corp. | CTS | | Cymer Inc. | CYMI | | Dana Corp. | DCN | | Datascope Corp. | DSCP | | Dell Inc. | DELL | | Dime Community Bancshares Inc. | DCOM | | Donaldson Co. Inc. | DCI | | Dow Jones Co. Inc. | DJ | | Dura Automotive Systems Inc. | DRRA | | Dycom Industries Inc. | DY | | Electro Scientific Industries Inc. | ESIO | | Enterasys Networks Inc. | ETS | | Entravision Communications Corp. | EVC | | Enzo Biochem Inc. | ENZ | | Epicor Software Corp. | EPIC | | EPIQ Systems Inc. | EPIQ | | Escala Group Inc. | ESCL | | Exabyte Corp. | EXBT.OB | | ExpressJet Holdings Inc. | XJT | | Fairchild Semiconductor International Inc. | FCS | | Family Dollar Stores Inc. | FDO |
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Companies that have fast-forwarded stock options (page 3).
| COMPANY NAME | SYMBOL | | FEI Co. | FEIC | | Fidelity Bankshares Inc. | FFFL | | First Data Corp. | FDC | | First Horizon National Corp. | FHN | | Flagstar Bancorp Inc. | FBC | | Flextronics International Ltd. | FLEX | | Footstar Inc. | FTSTQ.PK | | Fossil Inc. | FOSL | | Foundry Networks Inc. | FDRY | | Franklin Covey Co. | FC | | Frontier Airlines Inc. | FRNT | | Gamco Investors Inc. | GBL | | Gander Mountain Co. | GMTN | | Gannett Co. Inc. | GCI | | Gateway Inc. | GTW | | Gentex Corp. | GNTX | | Gentiva Health Services Inc. | GTIVTX | | Global Payments Inc. | GPN | | Goody's Family Clothing Inc. | GDYS | | Hanger Orthopedic Group Inc. | HGR | | Haverty Furniture Companies Inc. | HVT | | HCA Inc. | HCA | | Hewitt Associates Inc. | HEW | | Hillenbrand Industries Inc. | HB | | Hooper Holmes Inc. | HH | | Horace Mann Educators Corp. | HMN | | ICU Medical Inc. | ICUI | | IDT Corp. | IDT | | ImClone Systems Inc. | IMCL | | InFocus Corp. | INFS | | Ingersoll-Rand Co. Limited | IR | | International Paper Co. | IP | | International Rectifier Corp. | IRF | | Intersil Corp. | ISIL | | Inter-Tel Inc. | INTL | | Intevac Inc. | IVAC | | Irwin Financial Corp. | IFC | | ITT Educational Services Inc. | ESI | | IVAX Corp. | IVX | | Jabil Circuit Inc. | JBL | | Jack Henry Associates Inc. | JKHY | | JDA Software Group Inc. | JDAS | | JDS Uniphase Corp. | JDSU | | K2 Inc. | KTP | | Keane Inc. | KEA | | Keithley Instruments Inc. | KEI | | Kellwood Co. | KWD | | Knight-Ridder Inc. | KRI | | Korn/Ferry International | KFY | | Lattice Semiconductor Corp. | LSCC | | LeapFrog Enterprises Inc. | LF | | Learning Tree International Inc. | LTRE | | Libbey Inc. | LBY | | Linear Technology Corp. | LLTC | | LTX Corp. | LTXX | | Lucent Technologies Inc. | LU | | Magnetek Inc. | MAG |
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Companies that have fast-forwarded stock options (page 4).
| COMPANY NAME | SYMBOL | | Martek Biosciences Corp. | MATK | | MasTec Inc. | MTZ | | McKesson Corp. | MCK | | Mentor Corp. | MNT | | Mercury Computer Systems Inc. | MRCY | | Merit Medical Systems Inc. | MMSI | | Metro One Telecommunications Inc. | INFO | | MGI Pharma Inc. | MOGN | | Microchip Technology Inc. | MCHP | | Micron Technology Inc. | MU | | Microsemi Corp. | MSCC | | Millipore Corp. | MIL | | MIVA Inc. | MIVA | | MKS Instrument Inc. | MKSI | | Mobile Mini Inc. | MINI | | Monaco Coach Corp. | MNC | | Monster Worldwide Inc. | MNST | | MRO Software Inc. | MROI | | Multimedia Games Inc. | MGAM | | NCO Group Inc. | NCOG | | Neurocrine Biosciences Inc. | NBIX | | New York Community Bancorp Inc. | NYB | | New York Times Co. (The) | NYT | | News Corp. | NWS | | Northrop Grumman Corp. | NOC | | Novatel Wireless Inc. | NVTL | | Novellus Systems Inc. | NVLS | | Noven Pharmaceuticals Inc. | NOVN | | O'Charley's Inc. | CHUX | | Old National Bancorp | ONB | | Orbital Sciences Corp. | ORB | | Osteotech Inc. | OSTE | | Pactiv Corp. | PTV | | Palm Inc. | PALM | | PalmSource Inc. | PSRC | | Parexel International Corp. | PRXL | | PC Connection Inc. | PCCC | | PCTEL Inc. | PCTI | | Performance Food Group Co. | PFGC | | Pericom Semiconductor Corp. | PSEM | | Photon Dynamics Inc. | PHTN | | Plantronics Inc. | PLT | | Plexus Corp. | PLXS | | PMC-Sierra Inc. | PMCS | | PMI Group Inc. (The) | PMI | | Power-One Inc. | PWER | | PRG-Schultz International Inc. | PRGX | | Provident Bankshares Corp. | PBKS | | PSS World Medical Inc. | PSSI | | Quovadx Inc. | QVDX | | Qwest Communications International Inc. | Q | | RadiSys Corp. | RSYS | | Range Resources Corp. | RRC | | Remington Oil and Gas Corp. | REM | | RF Micro Devices Inc. | RFMD | | Rogers Corp. | ROG | | Rudolph Technologies Inc. | RTEC | | Russ Berrie and Co. Inc. | RUS |
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Companies that have fast-forwarded stock options (page 5).
| COMPANY NAME | SYMBOL | | ST Bancorp Inc. | STBA | | Safeco Corp. | SAFC | | Sanmina-SCI Corp. | SANM | | SBS Technologies Inc. | SBSE | | SFBC International Inc. | SFCC | | Sharper Image Corp. | SHRP | | Shuffle Master Inc. | SHFL | | Silicon Laboratories Inc. | SLAB | | Sinclair Broadcast Group Inc. | SBGI | | Skyworks Solutions Inc. | SWKS | | Solectron Corp. | SLR | | Sports Authority Inc. (The) | TSA | | SPSS Inc. | SPSS | | Standard Register Co. (The) | SR | | StarTek Inc. | SRT | | Sun Microsystems Inc. | SUNW | | Susquehanna Bancshares Inc. | SUSQ | | Swift Transportation Co. Inc. | SWFT | | Sykes Enterprises Inc. | SYKEE | | Symbol Technologies Inc. | SBL | | Tech Data Corp. | TECD | | Tempur-Pedic International Inc. | TPX | | Teradyne Inc. | TER | | Tetra Tech Inc. | TTEK | | Tibco Software Inc. | TIBX | | Trans World Entertainment Corp. | TWMC | | Trex Co. Inc. | TWP | | Triarc Companies Inc. | TRY | | Tribune Co. | TRB | | TriQuint Semiconductor Inc. | TQNT | | Triumph Group Inc. | TGI | | Ultratech Inc. | UTEKK | | Unifi Inc. | UFI | | Unisys Corp. | UIS | | United Bankshares Inc. | UBSI | | Univision Communications Inc. | UVN | | UST Inc. | UST | | UTStarcom Inc. | UTSI | | Veeco Instruments Inc. | VECO | | VeriSign Inc. | VRSN | | Vitesse Semiconductor Corp. | VTSS | | Waddell Reed Financial Inc. | WDR | | Waste Connections Inc. | WCN | | Waste Management Inc. | WMI | | Waters Corp. | WAT | | Wellman Inc. | WLM | | Wendy's International Inc. | WEN | | Whole Foods Market Inc. | WFMI | | Wild Oats Markets Inc. | OATS | | Wireless Facilities Inc. | WFII | | Wisconsin Energy Corp. | WEC | | Wolverine Tube Inc. | WLV | | Xerox Corp. | XRX | | X-Rite Inc. | XRIT |
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