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Commerce Bancshares, Inc. Message Board

  • docsavage532003 docsavage532003 Feb 4, 2003 12:10 PM Flag

    CBSH to Expense Stock Options

    Commerce Bancshares, Inc. Shareholders:

    I am glad that Commerce Bancshares, Inc (CBSH). has decided to expense stock options.

    Moreover, I think it says a great deal about the management's concern for smaller shareholders of the company.

    The management of CBSH are some largest shareholders of the company.

    The next step for CBSH management would be to reduce the 390-million dollar long term debt.

    "Press Release Source: Commerce Bancshares Inc.

    Commerce Bancshares, Inc. Elects to Expense Stock Options
    Monday February 3, 5:28 pm ET

    ST. LOUIS--(BUSINESS WIRE)--Feb. 3, 2003--Commerce Bancshares, Inc. (NASDAQ:CBSH - News) announced last week to its Board of Directors that beginning in 2003 it plans to change its accounting for stock options and expense option grants. This change coincides with the recently issued SFAS 148, "Accounting for Stock-Based Compensation-Transition and Disclosure," which provides additional guidance when expensing stock options. The Company will adopt this change by restating all prior financial statements as allowed by SFAS 148. During 2002, the Company issued stock options totaling 592,255, or less than 1% of total outstanding common stock. It is expected that this change will reduce basic and diluted earnings per share as previously reported over the last three years by $.05 per share. Management believes expense recognition is a preferential method of accounting reflecting that stock options are a form of employee compensation.

    --------------------------------------------------------------------------------
    Contact:
    Commerce Bancshares Inc., St. Louis
    Jeffery D. Aberdeen, 816/234-2081
    Web Site: http://www.commercebank.com
    E-mail: mymoney@commercebank.com"

    Best Regards,

    docsavage532003

 
CBSH
45.06-0.53(-1.16%)Jul 31 3:59 PMEDT

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