In order to present information comparably, FMC Technologies has chosen the retroactive restatement method available under SFAS No. 148. Compensation expense, net of tax, is reflected in the Company's restated financial results in accordance with SFAS No. 123.
"We believe this is the appropriate accounting for employee stock options. Restating prior year's financials provides the most relevant comparison to evaluate year-to-year operating performance," said William H. Schumann, III, FMC Technologies' Senior Vice President, Chief Financial Officer and Treasurer.
The accounting change reduces earnings per diluted share by $0.09 in 2002 and $0.10 in 2003.
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