This excerpt taken from the NYFX 10-K filed Mar 7, 2007.
Accounting for Stock-Based Compensation. Stock-based compensation expense of $0.2 million, $0.6 million and $3.7 million was included in our operating results for the years ended December 31, 2005, 2004 and 2003, respectively, relating to the intrinsic value of certain stock options where the fair value of our common stock on the measurement date was in excess of the exercise price. In accordance with SFAS No. 148,