This excerpt taken from the CCRT 10-Q filed May 4, 2005.
Due to a variety of factors, including the timing and number of awards, the above pro-forma results may not be indicative of the future effect of stock option expensing on the Companys results of operations. The Company issued no stock options during the three months ended March 31, 2005.
In December 2004, the FASB issued a revised Statement of Financial Accounting Standards 123, Share Based Payment (Statement No. 123R), to address the accounting for stock-based employee plans. The statement eliminates the ability to account for share-based compensation transactions using APB 25 and instead requires that such transactions be accounted for using a fair-value-based method of accounting. The adoption of this statement will result in income statement effects similar to those reflected in the above pro-forma computations. Statement No. 123R is effective for interim and annual reporting beginning after December 15, 2005, and the adoption of this statement is not expected to have a material effect on the Companys financial statements.