At least according to the Rocky Mountain News this morning. In an article about stock and stock-option compensation for United executives who skillfully guided their company through a period where they didn't have to pay their bill, and successfully off-loaded their welfare state pension plan onto the taxpayers, the paper notes this:
The stock could be worth an estimated $193 million, although it's impossible to predict the value because the shares become usable at different times during the next four years.The estimate for restricted stock incorporates the market value of the shares on the date it was given. The value of the stock options assumes that United's stock appreciates 10 percent annually over the life of the options. They would be worth less, or more, if United's return is lower or higher.
"The value obviously is theoretical at this point," said Jean Medina, a spokeswoman at United, which is the largest carrier in Denver and employs more than 5,000 here.
Given that the entire justification for expensing options is opportunity cost, and given that the Rocky has just pointed out that such a cost is impossible for calculate, I trust we won't be seeing any future editorials about the need to debase the currency of fact-based accounting.