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OpinionOpinion




MORE EDITORIALS FROM THE OPINION PAGES  

Act I: Funding is cut; Act II: Donors step up
WHEN it comes to getting public financial support in this country, the arts always have had to scrimp for leftovers. Further evidence of that came last week when Gov. Gray Davis released his latest budget, which cut more than 50 percent of the state's support for the California Arts Council. More than half of the agency's staff will lose their jobs.

Bay could become what it used to be
Public purchase of the salt ponds along San Francisco Bay offers that rare environmental opportunity -- a chance not just to prevent the destruction of natural habitat, but to roll back the clock and restore what has been lost.

It's time to end the stadium feud
THE longstanding feud between West Valley College and its Saratoga neighbors may be drawing to a close, now that an appeals court has said the college can't build a stadium on its campus. The challenge facing both sides will be to mend their relationship and work together to build a better college.

Nuclear NIMBYs
RADIOACTIVE nuclides help diagnose illnesses and develop cures. Radioactive nuclides also are the byproduct of terrible weapons. Should horror over the second govern attitudes toward the first? Of course not, no more than society should ban all chemicals because their misuse causes harm.

Bottom line: Treat options as an expense
This week we have examined questions that have been raised about stock options, an issue of vital significance to this valley. It's not a new debate. Eight years ago, Congress beat back a proposal that would have required companies to report stock options as an expense, recorded against profits, instead of as a footnote.


LETTERS TO THE EDITOR  

Standoff in Kashmir raises fears



Re-enactors focus on history, not politics



Unfettered Internet is capable of doing good -- or bad



Dumping on Nevada



Willing and able to work



Link BART directly to S.J. airport






COLUMNISTS  

Barbara Egbert
John Fensterwald
Patty Fisher
Miguel Helft
Sharon Noguchi
Dennis Ryerson
Barbara Vroman
Phil Yost

STOCK OPTION ACCOUNTING: AN EDITORIAL SERIES  


   Silicon Valley's gold mine
When a company pays a CEO $1 million in salary, it books a $1 million expense against reported profits. When the same company grants the same CEO stock options worth, say, $100 million, the amount is noted in a footnote, and its reported profits remain unchanged.

RELATED LINKS:
The multibillion-dollar question -- part 2
The options paradox -- part 3
The profit calculation -- part 4
Bottom line: Treat options as an expense -- part 5


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