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The black Collapsible Blanket Bar provides storage for horse clothing when you need it--then flips down to save space when not in use. This wall-mounted blanket bar makes a great accessory for stall fronts or tack rooms.
The Adjustable Rug Rail by Apple Picker is easily repositioned anywhere in your barn. This hook-over style blanket bar adjusts in five locking positions from 26"-36". Hooks on the ends provide additional storage.
The Deluxe Hay Net has metal rings at top and bottom to make filling and tying easy. Made of extra-strong mesh, this hay net has 2" holes that cause your horse to eat slowly and waste less hay. A great way to help your horse's digestion!
The Freedom Feeder® Mini/Trailer Size makes your horse's hay last as he eats through its small openings. This original slow feed hay net simulates natural foraging and optimizes your horse's digestion.
The small mesh hay net is ideal for anyone trying to slow their horse's hay consumption. Promotes healthier digestion and keeps your horse busy longer! The nylon mesh hay net has 4 centimeter square openings. Easy to fill and hang. 40" diameter, 36" length.
Designed to reduce hay loss and keep feeding areas neat, the 1200 Denier Hay Bag is great for use at home and on the road. Strong and durable, this hay bag is generously sized with a large feed hole to provide the horse with easy access.
Get rid of unsightly baling twine that may break too soon or too late! Attach Equi-Ping instead to your cross tie ring or trailer tie ring, then tie as normal. If the horse panics, this device 'pings' open at approximately 175 pounds of pressure to help avoid injury.
These easy-to-install Standard Saddle Racks are a great value. Lightweight racks fit all types of saddles and come in four colors. Great for organizing tack rooms.
8" Utility Hook requires no installation. Simply hang it over a wall or fence board that's up to 2" thick for an immediate storage solution. Each.
The Niblet Hay Net to slows down your horse's rate of hay consumption and reduces hay waste lost to trampling. This small hole hay net is easy to hang in your barn or trailer.
4" Brass horseshoe hook. A classic yet functional accent for a tack room, entry way or mud room. Sturdy enough to hold a bridle, jacket, helmet or other essential items. Matching brass screws are included.
The Blanket Rack with Hooks offers convenient storage for horse sheets and blankets, plus strap goods or other necessary items. This blanket bar with hooks has a long-wearing, attractive black finish. A great addition to any tack room or stall front!
The Standard Rolling Bale Bag is an easy way to transport hay. This bale bag protects your horse's feed from gathering dirt and dust while allowing proper ventilation. Sturdy nylon is coated for water resistance and durability. 4 wheels, handles on end and side, heavy duty zippers.
The European Horse Clothing Rack from Apple Picker provides great air circulation around a stored horse blanket or sheet. This single arm, space-saving tack room rack is also great for keeping stored saddle pads neat.
Flex-Hook® Hangers are great for barns as they bend to prevent injuries. Made of durable polymer, these hooks never rust or appear aged. Set/4.
The Collapsible Horse Clothing Bar from Apple Picker offers the convenience of neat blanket storage in season, then folds down in the off-season. This collapsible blanket bar is made of rust resistant galvanized steel tubing.
An attractive piece for any tack room, the Brass & Wood Saddle Rack maintains your saddle in perfect condition.
The extra-large Cotton Rope Hay Net is a standby for travel. This rope hay net is made of strong, knotted, durable cotton in a variety of colors.
Great for the trailer or at shows, the Kensington Slow Feed Hay Bag holds two flakes of hay. Constructed with a mesh front with 1 1/2" square holes to force your horse to eat slowly, this hay bag has sturdy Textilene® sides and an adjustable hanging strap.
Attractive and stylish, Dover's Show Collection Hay Bag makes hay last longer and reduces mess - perfect for trailering and at shows.
The Tie Ring Screw Eye is easy to install. This chrome tie ring measures 4 1/2" in length with a 2 1/2" tie ring diameter.
The Nylon Cord Hay Net holds a large amount of hay. Nylon cord resists mildew.
The Slow Feed Hay Feeder makes your horse eat hay slowly for good digestion, to reduce waste and to keep your horse busy. A top opening makes filling it easy.
A Large Stall Front Storage Bag by Saratoga Horseworks. Top loading bag makes even heavy winter blanket storage easy. The top flap completely covers the opening so your blankets stay clean. Helps your barn look clean and organized. Personalize your storage bag with a monogram!


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on costly clinical research, such as new randomized controlled trials or cohort studies.
The committee thus decided to make five general recommendations. Three recommendations focus on improvements to understanding stakeholder concerns, harmonizing research methods, and sequencing the process for selecting research questions. Two recommendations focus on research methods, including randomized controlled trials and data systems that would enable ongoing and improved observational studies.
Statement of Task (Part I): Review scientific findings and stakeholder concerns related to the safety of the recommended childhood immunization schedule.
Summary of Stakeholder Concerns
The committee's findings and conclusions about stakeholder concerns are presented in Chapter 4. Although the committee identified the concerns of some parents about the number, frequency, and timing of immunizations in the overall immunization schedule, the committee did not find in its literature review that clinicians, public health personnel, or policy makers have similar safety concerns. Among the latter groups, the childhood immunization schedule is considered to be among the most effective and safe of the public interventions available to prevent serious disease and death. However, although health care professionals have much information about individual vaccines, they have much less information about the effects of administration of multiple vaccines at a single visit or the timing of the immunizations. Additionally, the cited concerns of health care professionals include efficacy of certain vaccines as well as appropriate delivery and communication regarding the recommended childhood immunization schedule.
Although the 2010 National Vaccine Plan addresses the need to provide health care providers with more timely, accurate, and transparent information about the benefits and risks of vaccines, the plan does not specifically address strategies to assist providers with questions about the safety of the immunization schedule (HHS, 2010). The committee concluded that parents and health care professionals would benefit from more comprehensive and detailed information with which to address parental concerns about the safety of the immunization schedule. Such information should clearly address vaccine-preventable diseases, the risks and benefits of immunizations, and the safety of the immunization schedule.
The committee's literature review highlighted the lack of high-quality evidence supporting stakeholder concerns (the priority stakeholders are listed in Box 4-1) about the immunization schedule. In its role to ensure

subset: commoncrawl


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Kaitlyn Durocher received the $1,000 Donald Packer Memorial Scholarship from Monroe Public Schools.
She was treasurer of Student Council and a member of the National Honor Society, S-Club and Youth in Government.
She also was a cheerleader.
Kaitlyn volunteered as a Sunday school teacher at Bedford Alliance Church, as well as for Habitat for Humanity and Heartbeat of Monroe.
Kaitlyn plans to study communications and business at Michigan State University, East Lansing. She is the daughter of Julie and Chris Durocher of LaSalle.
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I have read one letter written by Mulla Nasruddin to his wife. Listen to it..
To my dear, ever-loving wife.
During the past year I have tried to make love to you 365 times, an average of once per day, and the following is a list of the reasons you gave for rejecting me:
Wrong week, 11 times
It will wake the children, 7 times
It is too hot, 15 times
It is too cold, 3 times
Too tired, 19 times
Too late, 16 times
Too early, 9 times
Pretending to sleep, 33 times
The window is open, neighbors might hear, 3 times
Backache, 16 times
Toothache, 2 times
Headache, 6 times
Not in the mood, 31 times
Baby restless, might cry, 18 times
Watched late show, 15 times
Mud-pack, 8 times
Grease on face, 4 times
Too drunk, 7 times
Forgot to visit the chemist's, 10 times
Visitors sleeping in the next room, 7 times
Just had hair done, 28 times
"Is that all you think about?" 62 times
Dearest, do you think we can improve on our record during the forthcoming year?
Your ever-loving husband,
Mulla Nasruddin.
These are ways to manipulate, to starve the other - to make him more and more hungry so that he becomes more and more dependent.


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What does ASK mean in Airport Codes?
This page is about the meanings of the acronym/abbreviation/shorthand ASK in the Regional field in general and in the Airport Codes terminology in particular.
Andros Town, Bahamas
Find a translation for ASK in other languages:
Select another language:
What does ASK mean?
- ask(v.t.)
- to put a question to; inquire of:
Discuss this ASK abbreviation with the community:
Use the citation below to add this abbreviation to your bibliography:
"ASK." Abbreviations.com. STANDS4 LLC, 2014. Web. 18 Dec. 2014. <http://www.abbreviations.com/term/26027>.
ASK also stands for:
- Academy Sharing Knowledge
- Accelerated Solutions Knowledgebase
- Access For Special Kids
- Adaptive Sequence Kontrol
- Adults Seeking Knowledge
... and 37 more »
Nearby & related abbreviations:
Alternative search:
- Search Andros Town, Bahamas on Amazon.com
- Search Andros Town, Bahamas on Google


text:
General Electric Co. (GE:US) is evaluating successors to Michael Neal, who may step down as chief executive officer and chairman of its financial unit as soon as this summer, the Wall Street Journal reported.
GE Capital executives who may seek the position include William Cary, chief operating officer of the unit, and Mark Begor, who runs its real-estate division and capital restructuring operations, the newspaper said, citing unidentified people familiar with the matter. Neal, 60, has been chairman and CEO for eight years, it said.
The management shift would come as Jeffrey Immelt, CEO of the world's largest maker of jet engines and diesel locomotives, shrinks GE Capital and focuses growth on the company's industrial operations after seeking government help in the wake of Lehman Brothers Holdings Inc.'s 2008 collapse. Michael Goodbody, a spokesman for GE Capital, declined to comment when contacted by Bloomberg News.
GE Capital posted profit of $7.4 billion on $46 billion in revenue last year. The unit had $68 billion in cash at the end of the first quarter.
Immelt told analysts and investors in December that GE aims to get 65 percent of its profit from the industrial units by 2015, compared with about 55 percent last year.
Neal joined GE's industrial business in 1979 before moving to the financial unit in 1987 and turned 60 earlier this year, an age when many of GE's senior executives move on, the Journal said, citing the unidentified people.
To contact the reporter on this story: James Gunsalus in Tokyo at email@example.com
To contact the editor responsible for this story: Chitra Somayaji at email@example.com


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Consort introduces FlagTrax®, a whole new genre for street-side communication. From the wonderful folks (us!) who first brought colorful street banners and durable hardware to communities across North America, comes our newest outdoor system for providing information, color and festive delight to exciting places like your town or special event.
The new genre is Street Flags, as opposed to the ever-popular Street Banners that we see in thousands of communities. So, what really is the difference of a street banner versus a street flag? To us, a street banner is like our standard light pole banner that is stretched top and bottom with our BannerFlex hardware. It's typically a vinyl digital banner or a screen-printed acrylic marine fabric banner. Great system, durable, super longevity and all good. They are installed using bucket trucks and the banner is changed using the same trucks. See the video here.
A FlagTrax Street Flag is similar as it's installed on the same type of city or shopping center light pole but once it's installed using a bucket truck, all the flag changes can happen from the ground, saving thousands of dollars every year on a typical municipal street communication program. And, the fabric is generally a light weight dye sublimation or nylon flag material that waves, glows and flutters in the breeze.
How does it work? The secret to the system is a track that is mounted vertically onto the pole or wall into which a flexible "Push-Pull™" rod is inserted that carries the banner or flag up to the final mounting height. Access to this tamper-proof track can be mounted at shoulder height for maximum convenience or the six or eight foot level above the ground where added security may be required, alleviating the need for anything more than a small step stool.
Street pole banner changes in urban areas, in particular, are normally expensive and difficult with traffic concerns, as bucket trucks weave their way around, sometimes stopping traffic or diverting it with traffic cones. FlagTrax changes can be done by one person at any time of day in just a matter of minutes, often saving up to one hundred dollars per change in some of the larger cities. An additional benefit is that it will encourage more changes, more often, allowing event organizers greater flexibility to promote more events within a city, significantly adding to the sense of the area's vitality and activity.
Because Consort's Kalamazoo Banner Works Division has been the pioneer and innovator with street pole banner hardware since 1983, FlagTrax fits our core expertise perfectly. Our KBW BannerFlex® hardware literally is the standard of the industry and we are constantly researching new concepts. So, we were excited when the patented FlagTrax system was presented to us by the New Zealand inventors, Nexus Developments Limited, and we were given the opportunity to be the exclusive North American manufacturer and distributor.
Street Flags can now be economically and quickly changed from the safety of ground level without the hassle of bucket trucks or traffic management concerns. Roger Lepley


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Friday December 26, 2014
Notes from the Trailhead
If you have more news for OA friends, click the Contact Us link at the bottom of the page and email us your news.
Spring - Fall 2010
Russell R. Willis '66 is still leading an active outdoor life. He completed 7 backpacking expeditions in 2009 and three more at the start of 2010. He also has his own website: www.bushwalkingholidays.com.au
Samuel M. Inman '85 ran the Grand Canyon in one half-day and his 28th marathon at the spring Los Angeles Marathon. He's eyeing the Appalachian Trail for his next off-road ultra.
Yana Kane-Esrig '85 is working at Alcatel-Lucent, studying Tai chi, and going skiing "when work weather and life align".
Jessica Archer '99 and Jeremy Archer '98 had their third child, Max, and are enjoying life in Vermont.
Edward W. Nottingham '99 moved to New Zealand for a year and reports "living on the beach, exploring the country whenever not working in the hospital. Enjoying a slower pace and more time with my wife and daughter."
John Adamo '07 returned from almost 10 months in Iraq serving as the Assistant Intelligence Officer for RCT-6 and is looking forward to spending time in Surf City, NJ and western NC.
Maya Yamato '07 is in her third year of a joint program in Biological Oceanography with MIT. She is living in Cape Cod and enjoying "surfing, climbing, snowboarding etc. with outdoorsy friends!"
Mallory James '08 is working for a technical and management consultancy, Energetics Incorporated, in Columbia, MD and living with her boyfriend Matt Plough '07. Starting in summer 2010 she is also attending grad school for a M.S. at Virginia Tech. "All is well! I miss OA!"
Spring - Fall 2008
David Irving '58 and his wife Barb, along with grandson, Shane (age 11), and daughter, Carol, hiked down the Kaibab Trail in the Grand Canyon. They crossed the Colorado River and spent the night in bunk houses at the fabled Phantom Ranch. The next day they trekked the Bright Angel Trail back to the rim.
Dr. Marvin Swartz '63 climbed Mt. Whitney (CA) in a day this past summer and led hikes for the AMC in the Sierra Nevada Mountains of CA and the White Mountains of NH.
Robert Schoene, M.D.'68 published a book on high altitude last winter—the latest definitive text.
Dr. Anne Helsley-Marchbanks '80 spent 10 days paddling in the Boundary Waters, MN, over the summer. "This year it will be the Colorado Rockies."
Mary E. Newman '83 states that as an architect she is "splitting my work time between sustainable design in Portland, ME, and the transformation of a royal palace complex in the Kathmandu Valley in Nepal, into a national museum."
Andrew Reumann-Moore '83 climbed "first 14er this summer with my brother, Tom, at Quandary Peak, CO."
Dean Buchenauer, Ph.D. '85 attended Philmont Scout Ranch this past summer with his son. "We enjoyed a 70-mile backpack over 11 days, including rock climbing, gold panning, and black powder shooting."
Dr. Susan Mariscal Glockner '85 states "We hiked the Inca Trail with our kids (Katie, 13 years, and Billy, 11 years) and went to the Galapagos last summer. The previous summer we introduced them to backpacking in the Sierras."
Rick Ross '85 is teaches math in Singapore, and in the past few years has climbed Mt. Fuji, in Japan, Low's Peak (Mt. Kinabalu) in Borneo, and visited the Everest base camp in Tibet.
Carl Cruse '86 is living in Miami and welcomes "any OAers passing through to stop in for some sea-kayaking or diving in the Florida Keys."
Jonathan Taylor '86 and Andi Suess Taylor '88 moved to Sarasota, FL, where they hope to sail and sea kayak with their boys Noah (age 12) and Jacob (age 9).
Pieter van Zee '87 & Kari Lister van Zee '87 report that daughter Erynne van Zee (almost 13 years) is an avid backpacker thanks to OA's training of her parents. "She thinks nothing of toting a 40 lb. pack for five days in the Opal Creek Wilderness in Oregon."
Jennifer Rosenberg '89 recently (2004) took up biking and this year completed her third 270-mile ride from Jerusalem to Eilat in Israel. The ride benefited the Arava Institute—an environmental studies program that brings Arab and Israeli students to live and study together in order to jointly address the environmental challenges in the region.
Dr. John Strouse '91 ran the Richmond marathon in November and plans to star trail running, with his first race planned for January.
Alex Meyer '92 and Heather Wakelee, M.D. '92 started their girls off to an early start of wilderness appreciation. "Azalea hiked 3 miles in the Canadian Rockies the day before her 4th birthday. Zora, at age 1-1/2 served as a good bear warning system by screaming the entire time, though."
Dr. Katharine Davidson Lamperti '93 lives in Anchorage, AK. "With the Chugach Mountains at my back door, I hike often with the kids."
William Broaddus, Jr.'95 and his wife, Erin, navigated through orienteering courses in VA and then CT & MA after they moved to Easthampton, MA. "We're ready to pit ourselves against the clock next time out!"
Mark Wiranowski '95 and Melissa Lockman '97 reported that Mark was seriously injured while descending from a climb at Lumpy Ridge in Rocky Mountain National Park, CO, in August 2007. Fortunately, the ensuing surgeries went well and Mark did not lose his leg. For details about the accident and Mark's condition, visit www.rockthehealing.blogspot.com.
Holly Haefele, D.V.M. '96 is enjoying her fourth year in Texas—mountain biking in the winter and an occasional river swim in December. "I love my job as vet at Fossil Rim Wildlife Center. We had a trip of a lifetime to the Galapagos Islands in July."
Dr. W. Taylor Kimberly '96 and Heidi Harbison '97 were happy to announce they have a 6-month old baby girl, Elsa.
Sean Hartman '97, in August took 4th place overall and was the top American finisher in the Atacama Crossing, a six-day, 250 km ultra-marathon across the Atacama Desert in Chile.
Robin Hibbert Tindall '97 started an environmental consulting business and welcomed "Bizzy" Elizabeth Tindall, now 11 months and starting to walk.
Jamie Morano, M.D., M.P.H. '98 used OA skills climbing Mt. Moosilauke in the AT area in NH. "OA skills came in handy from China to overnight call internal medicine in residency."
Eric Michael Ross '98 and his wife backpacked in Torres del Paine National Park, Chile, in November 2007.
Jessica Kipp Archer '99 & Jeremy Archer '98 announced that "we now have two beautiful daughters who are learning to enjoy the outdoors."
Tim Van Hooser '99 along with Steve Edwards '01 and Jim Liu '99 hiked the highest peak in Rhode Island on Dec. 30. They plan to high the highest peak in Maine over the summer.
Ryan Martin '01 and Sarah Apgar Smith '02 hiked Mount Princeton in late August. "We could have done a few other 14ers, but we decided to keep it real with the alma mater."
Stephen Tadlock '01 capped off grad school with a trip to Tanzania to climb Mt. Kilimanjaro. "It's no Susquehanna Trail, but it was pretty good. All joking aside, the OA training came in handy again."
Alana Benjamin '02 stated she is doing her family medicine residency in Santa Rosa, CA. "Not too far from Yosemite and the ocean!"
Nicole Chinook McLean '02 is getting her adrenaline kicks flying helicopter tours in the Canadian Rockies. Currently on a hiking adventure with a fellow "tiger" and the OA Crazy Creek is coming in handy.
Amanda Blaine '03 lives in Maine and teaches 7th graders at a public middle school. "I love it! I can ski out my door to the beach."
Lisa Newman-Wise '05 completed her second Iron Man Triathalon in Kona Hawaii in 11:14:00 on October 10 taking 21:52 off her previous time and was 10th in her age group for women. contratulations, Lisa!
Brent Scharschmidt '05 is looking forward to doing some camping in western Thailand over the summer. "My OA Crazy Creek (signed by all my Frosh) has accompanied me to Asia and is awaiting my return (with Thai friends)."
Sarah Moore '06, a grad student at Stanford, is also coordinating Stanford's Pre-Orientation Trips (SPOT). She recruited Alistair Boettiger '07 and Jen Hong '06 to start up a Wilderness First Aid program for SPOT and convinced Caroline Chopko '07 to teach an Outdoor Leadership class.
Amy Sennett '06 reports that "I spent the year in Shanghai assisting Dean Slaughter and her family while she was on sabbatical. I also returned from a phenomenal trip to the temples around Angkor Wat, Cambodia, and will start law school at Harvard in the fall."
Scott Shimp '06 is enjoying the Peace Corps in Kyrgyzstan and his 27-month commitment ends in 9/08. Over his winter break last year, Scott toured India.


text:
O'Neill Prim Rose Sweater NAKED
Out of stock
O'Neill Prim Rose Sweater
Elegant and versatile, this stylish sweater has been crafted from a blend of cotton and nylon to ensure superior comfort. With basic pullover styling and a slight high-low hemline to create a more playful look, this sweater provides the perfect mix of comfort and style for creating a wide range of casual and business-casual ensembles.
Style # 14417004


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World News and Views :: Top of the News
Air Products' Income Tumbles on Lower Demand, Unfavorable Exchange Rates
9:53 AM MST | January 21, 2009 | Nancy Seewald
Air Products reported net income of $69 million (32 cts/share) for its fiscal first quarter ended December 31, 2008, down 74% from the same period last year. Excluding a 55 cts/share restructuring charge and a 10/share loss from discontinued operations, earnings were 97 cts/share, down 18% from the prior year and in line with the consensus of analysts' estimates as reported by First Call (Boston). Sales fell 9%, to $2.19 billion. "Over the quarter, we saw further deterioration in business conditions, resulting in one of the weakest economic...
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- Scottsdale Stadium
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The George H Wynn III of Ohio Family Home PageUpdated March 12, 2002
I am only in the fifth generation of my family to be in the United States. I have reason to believe my ancestors are from Walesor maybe Ireland.
George Harrison Wynn III
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The content shown on this page has been submitted by a Genealogy.com customer, and is not subject to verification by Genealogy.com. Neither Genealogy.com nor its affiliates are responsible for the accuracy of any information contained on this page. The opinions expressed on this page are the author's alone and not the opinions of Genealogy.com.
|© 2009 Ancestry.com


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Say what you will about AMD, but don't you dare call it lazy. Within a matter of weeks, the outfit has launched a 2GB FirePro for um, pros, a 785G integrated chip for laypeople and now a new Phenom II X4 for the gamers in attendance. The all new Phenom II X4 965 Black Edition is the \"highest clocke
5 years ago 0 Comments


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New Grad: grunt work or unique abroad experience?
- 0May 14, '10 by LuxCalidaNPHi All!
I would love your input on this....
So I have a unique opportunity that presents some interesting pros and cons. I was curious what the nursing community would have to say about this...
I graduate in Dec of this year from an accelerated BSN program, out of one of the best critical care hospitals on the East Coast. My first degree was in Health Psychology, and I worked with a group of physicians in Nicaragua for a year and a half, triaging patients, moderating, translating for medical groups, and teaching. We're talking boondocks medicine here (No pulse oximetry, all clinical diagnosis, x-ray is considered a luxury, etc.)
They have invited me back to work as an RN...in part because they know me well and because they need the support. Its a lot of emergency medicine and uphill-primary care.
I plan on completing my MSN as an FNP after a few years of work. I also want to gain the experience needed to be a competent professional in the states...
Knowing how hard it is to find a job for new grads (esp. in CA and western MA), I was considering taking the Nicaraguan NGO's offer, but I am afraid I won't be "hirable" on returning. Many of the nurse elders stick to the "year-o-med-surg" dictum, but some say I should go for it.
What looks better to grad schools and employers:
Try-damn-hard-to-get-a-med-surg-job-or-ICU-job right out of school, and do what everyone else does?
I'm honestly up for either!
Excited to hear your input (esp. from those nurse managers and recruiters out there...)
- 1May 14, '10 by MaryEMTI don't have any real knowledge of what it would mean for your career but I say go for Nicaragua. It is a great experience and that has to look on applications! Plus as you said it is hard to find jobs here even if you wanted to go for the one year Med-surg. Again though I'm not nurse recruiter--but follow your heart.
- 0May 14, '10 by LikeSweetSoulMusicA career ago, I had a similar opportunity and I chose to go work abroad. It was an amazing experience and one that recruiters comment on. Honestly, that was enough to get them to sit up and notice me. They knew I had a passion, could work with change and different cultures.
I am so glad I did it before I got married and had children and look forward to when our kids go to college so I can go work abroad again.
Follow your dream - it sounds like an amazing opportunity and the right job in the states will recognize that opportunity was special and think better of you for it. If you love that type of work, anyone who poo-poos it is probably not someone you want to work for anyway.
Good luck!
- 0May 14, '10 by AE78Hiya,
that is a definite no brainer!! Go abroad. Life is too short and when opportunities come along you have to grab it! You don't want to be elderly looking back on your life saying "hhmmm I wonder what would have happened if....", instead you can look back and say "wow, what a life!"
Also, why do what everyone else does? It's your life, go make it what you want and if it doesn't work at least you gave it a bash!
Best of luck, keep us posted,
Alayne xx
- 0May 14, '10 by A.HammoudRNHi
I am a new RN as well. Graduated in Dec. with and AS Nursing Degree, was a Radiographer for ten years in a local hospital since I was 21. Wish I would have worked abroad befor setteling down and starting a family. I would think working in a rural enviornment you would gain more experience than nurses working in the states. You learn to use and develop you nursing skills due to the lack of luxuries nurses have these days. Go for it, don't let it be a regret later down the road. You will be a better nurse for it!!
- 0May 14, '10 by P-medic2RNGo to the Jungle, or you'll kick yourself the rest of your life.
- 0May 14, '10 by Lizzy88I am not from Nicaragua nor I know much from that country but people please! Nicaragua is not a "Jungle", it is a country like every other country, it has poor and rich people. And there are some hospitals (for low income people) where some medical technologies are a luxury but this doesn't mean the whole country lack them
To the OP, if you have that opportunity I'll say go for it! I think it is better to go for a job that is being offered than waiting to get hire as the latter may take some time (as you can see a lot of new grads are struggling to find a job here in the USA). You won't lose anything because at least you will have some hands on experience. Good luck
- 0May 14, '10 by juliaannQuote from Lizzy88Haha, that could also describe my run down Public Trust community hospital in the middle of the good ol' USA! I'm only slightly kidding. I love it there, though, even if we have to kick the machinery a few times to make it run.And there are some hospitals (for low income people) where some medical technologies are a luxury but this doesn't mean the whole country lack them
If I were in the OP's shoes, I'd be headed to Nicaragua. That sounds like a great opportunity.
- 0May 14, '10 by GilaRRTDo it, ghetto medicine and "clinical" diagnosis based on a good H&P is as good experience as you can find. It should be seen as an asset. My experiences in Afghanistan and Iraq were second to none when it came to assessment and improvisation. Just look at the foreign language thread to recognise how ignorant many Americans really are about working with other cultures. This is a golden opportunity for you.


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Alfredo Montalvo
Associate Professor of Sociology
Office: 121C Butcher Education Center
Dr. Alfredo Montalvo came to the Department of Sociology and Anthropology in 1993. He teaches Introduction to Sociology and courses in the areas of criminology and criminal justice. His name appeared in the 1998 issues of Who's Who Among American Teachers . He has published a book and several articles in local and national journals. His research interests include the politics of crime and criminal justice, and the sociology of law. Dr. Montalvo enjoys fishing, dancing, music, and poetry.
Courses he will offer Fall 2014:
SO 101 Introduction to Sociology (sections B & C)
SO 353A Criminology
SO 355A Juvenile Justice Systems
Courses he will offer Spring 2015:
SO 101 Introduction to Sociology (sections B & C)
SO 335A Criminal Court Process
SO 403A Sociology of Corrections


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A vested present value approach to valuing employee stock options.
The Financial Accounting Standards Board's (FASB FASB
See: Financial Accounting Standards Board
See Financial Accounting Standards Board (FASB). ) Stock Compensation project is one of the most controversial projects that the FASB has considered since its inception over two decades ago. In the early 1980's, the FASB was asked by the Securities and Exchange Commission, the AICPA's Accounting Standards Executive Committee, large accounting firms, industry representatives, and others to reconsider re·con·sid·er
v. re·con·sid·ered, re·con·sid·er·ing, re·con·sid·ers
1. To consider again, especially with intent to alter or modify a previous decision.
2. accounting for stock-based compensation. In June 1993, the FASB issued an Exposure Draft (ED) on an accounting standard that would have replaced Accounting Principles Board The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, Opinion No. 25, Accounting for Stock Issued to Employees (APB APB
See Accounting Principles Board (APB). 25) requiring fair value accounting for stock-based compensation. After lengthy debate and considerable controversy, the FASB issued Statement of Financial Accounting Standards No. 123, Accounting of Stock-Based Compensation (FAS 123).
FAS 123 encourages, but does not require, companies to recognize compensation expense for stock options and other equity instruments issued to employees based on the fair value techniques recommended in the Exposure Draft. Companies that do not adopt the fair value method are required to apply the previously existing accounting rules outlined in APB 25. Although fair value expense recognition for stock-based compensation is not mandatory, FAS 123 does require companies using the APB 25 guidelines guidelines,
n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. to disclose pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts.
The phrase pro forma net income and earnings per share under the fair value method. In addition, all companies with stockbased plans are required to make detailed disclosures about plan terms, exercise prices, and the assumptions used in determining fair value.
This paper reviews the issues surrounding sur·round
tr.v. sur·round·ed, sur·round·ing, sur·rounds
1. To extend on all sides of simultaneously; encircle.
2. To enclose or confine on all sides so as to bar escape or outside communication.
n. accounting for stock-based compensation, and proposes an alternative vested vested adj. referring to having an absolute right or title, when previously the holder of the right or title only had an expectation. Examples: after 20 years of employment Larry Loyal's pension rights are now vested. (See: vest, vested remainder) present value method" for recognizing stock-based compensation expense during the service period. The first part of the paper discusses the historical development of accounting for stock-based compensation. The next section reviews the authoritative literature to discuss the major theoretical issues surrounding the stock-based compensation debate. Section III presents an alternative method for recognizing compensation expense that provides a potentially more reliable measure of total compensation cost than either FAS 123 or APB 25. Finally, section IV summarizes our conclusions and discusses the theoretical benefits that the proposed method provides over the other two methods.
The controversy over accounting for stock based compensation is not a new issue. Many of the same issues that the FASB has debated over the last ten years were originally discussed by the Committee on Accounting Procedure (CAP) in 1953 in Chapter 13B of Accounting Research Bulletin (ARB) No. 43. (These issues were originally considered in ARB No. 37, issued in November November: see month. 1948. However, ARB No. 37 was revised in 1953 to include consideration of stock purchase plans and recast re·cast
tr.v. re·cast, re·cast·ing, re·casts
1. To mold again: recast a bell.
2. as Chapter 13B of ARB No. 43.) Chapter 13 considers whether stock option plans are compensation and, if so, when this cost should be measured. The Committee determined that options do have value and should be measured on the date they are granted. However, because these instruments are unique and subject to various restrictions, the Committee recognized that it would be impractical im·prac·ti·cal
1. Unwise to implement or maintain in practice: Refloating the sunken ship proved impractical because of the great expense.
2. to measure this value. Consequently, it recommended that compensation cost be recorded for the excess of the fair value of the shares over the option price. Realizing that market quotations of stock price were not necessarily conclusive evidence CONCLUSIVE EVIDENCE. That which cannot be contradicted by any other evidence,; for example, a record, unless impeached for fraud, is conclusive evidence between the parties. 3 Bouv. Inst. n. 3061-62. of fair value, the Committee was careful in referring to the fair value of the shares optioned rather than the market quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish.
2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. of the shares.
In the early 1970's, as the use of employee stock options became more prevalent and the compensation plans became more complex, the Accounting Principles Board revisited the question of accounting for stock issued to employees. APB 25 requires that compensation expense be measured on the first date at which both the number of shares and the amount to be paid for the shares (the exercise price) are known. If both the exercise price and number of shares are known (or fixed) at the grant date (referred to as a fixed plan), compensation expense should be recorded for the difference between the market price of the stock and the exercise price on the grant date (APB 1972, 24).
When the number of shares or the exercise price is not known at the grant date, APB 25 requires that an expense be recognized for the excess of the stock's market price over the exercise price (i.e., intrinsic value Intrinsic Value
1. The value of a company or an asset based on an underlying perception of the value.
2. For call options, this is the difference between the underlying stock's price and the strike price. ) on the exercise date. Prior to exercise, compensation expense is estimated each period based on the award's intrinsic value. Thus, compensation expense for these plans (referred to as variable plans) varies each period up to the measurement date (APB 1972, [paragraph] 29).
The fair value method of FAS 123 measures expense at the grant date for both fixed and variable plans. FAS 123 does not apply to noncompensatory stock plans. An employee stock purchase plan that satisfies all of the following conditions is considered a noncompensatory plan:
1. The plan incorporates no option features.
2. The discount from the market price does not exceed the greater of (a) a per-share discount that would be reasonable in an offer of stock to stockholders or others or (b) the per-share amount of stock issuance costs avoided by not having to raise a significant amount of capital by a public offering.
3. Substantially all full-time employees may participate.
All other plans are classified as compensatory and are subject to the requirement to recognize compensation cost in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FAR 123 or APB 25. Under this method, the fair value is estimated on the grant date using an option-pricing model (for example, the Black-Scholes or a binomial binomial (bī'nō`mēəl), polynomial expression (see polynomial) containing two terms, for example, x+y. The binomial theorem, or binomial formula, gives the expansion of the nth power of a binomial (x+ model) that takes into account the exercise price and expected life of the option, the current price of the underlying stock, its expected volatility, expected dividends, and the risk-free interest rate Risk-Free Interest Rate
Describes return available to an investor in a security somehow guaranteed to produce that return. The risk-free interest rate compensataes the investor for the temporary sacrifice of consumption. for the expected term of the option. This fair value estimate is not subsequently adjusted for changes in the price of the underlying stock or its volatility, the life of the option, dividends on the stock, or the risk-free interest rate.
If a company elects to use the fair value method but it is not possible, or feasible, to reasonably estimate the fair value using the models mentioned above; then, the fair value can be determined using the market price and other factors on the first date they become available, which generally is the vesting Vesting
The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account.
Notes: date. Firms not electing the fair value technique will continue to use the methods identified in APB 25. In the next section, we identify and discuss some of the conceptual issues and concerns surrounding accounting for stock-based compensation.
The primary controversies surrounding the issue of accounting for stock based compensation include whether these instruments represent an expense that should be recognized in the income statement and, if so, when they should be recognized and how they should be measured. These issues are simple to state and understand, but their resolution is complex and highly controversial.
Recognition of Compensation Cost
The first issue that must be considered is whether stock compensation is an expense that should be recognized in the income statement. Expenses are defined as "outflows or other using up of assets or incurrences of liabilities ... from providing goods or services" (FASB 1985). Wolk and Rozycki (1994) argue against recognizing an expense. Their argument is that even though employee stock options are valuable to the recipient, they do not represent the consumption of an asset or incurrence In`cur´rence
n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s>
Noun 1. of a liability by the granting entity. As such, there is no cost to the company and no expense should be recognized in the income statement.
This reasoning, however, seems to suggest that the form of the compensation rather than its substance should drive expense recognition and is inconsistent with existing accounting principles. Specifically, the issues surrounding the valuation of employee stock options and the recognition of stock compensation expense are similar to those associated with valuing and recognizing expenses for defined benefit pension plans. In arriving at its decision to recognize pension costs in the period in which the employee renders the service, the FASB focused on the fact that a defined benefit pension plan represents an exchange between the employer and employee. The employee provides services, and in exchange the employer provides an amount of retirement income (SFAS SFAS Statement of Financial Accounting Standards
SFAS Special Forces Assessment and Selection
SFAS Student Financial Aid Services
SFAS Sport Fishing Association of Singapore
SFAS Safety Features Actuation System
SFAS Statewide Fixed Assets System No. 87, [paragraph] 79). Pension costs are, therefore, contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress"
contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent future events and require estimates of future events which determine the future benefits that will be paid (SFAS No. 87, [paragraph] 82). While these estimates generate uncertainties that make it difficult to measure the amount of pension cost to be recognized, the FASB noted that cost recognition over the employee's service period was a fundamental objective (SFAS No. 87, [paragraph] 95) and that information based on such estimates is useful (SFAS No. 87, [paragraph] 82).
Stock based compensation possesses a number of characteristics that are qualitatively similar to those of defined benefit pension plans. As with defined benefit pensions, stock based compensation is the result of an exchange between the employer and employee just as a defined benefit pension plan. The employee provides services, and the employer provides stock options whose value is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress"
contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent future stock price. Thus, similar to defined benefit pensions, stock based compensation involves exchanging services in the current period for an unquantified amount of compensation in a later period that is contingent upon a future event. Because of this contingency contingency n. an event that might not occur. , estimates are necessary to value employee stock options and determine the amount of cost to be recognized. While it is true these estimates generate uncertainties about value and the costs to be recognized, cost recognition should be the fundamental objective and information based on estimates can be useful just as it is with defined benefit pension plans.
Given the similarities between stock based compensation and defined benefit pension costs, an expense should be recognized for employee stock options just as pension costs are recognized for defined benefit pension plans. The FASB agreed with this assessment in their exposure draft on stock based compensation, noting that nonrecognition of employee stock option costs produces financial statements that are neither credible nor representationally faithful (FASB 1993). (This view is further supported in SFAS No. 87 where the FASB notes that "Footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." disclosure is not an adequate substitute for recognition" and "The usefulness of financial statements are impaired by each omission omission n. 1) failure to perform an act agreed to, where there is a duty to an individual or the public to act (including omitting to take care) or is required by law. Such an omission may give rise to a lawsuit in the same way as a negligent or improper act. of an element that qualifies for recognition.") However, in December December: see month. 1994 the FASB moved away from an expense recognition position to a "disclosure only" approach. In announcing this decision, the Board stated that "there wasn't enough support for the basic notion of requiring expense recognition," even though they remained convinced that options have value and are compensation (Beresford 1995). Disclosure, however, does not eliminate the need to recognize compensation cost stemming from the employee stock options in the financial statements. Paragraph 9 of FASB Concepts Statement No. 5 states:
"Since recognition means depiction of an item in both words and numbers, with the amount included in the totals of the financial statements, disclosure by other means is not recognition. Disclosure of information about the items in financial statements and their measures that may be provided by notes or parenthetically par·en·thet·i·cal
adj. also par·en·thet·ic
1. Set off within or as if within parentheses; qualifying or explanatory: a parenthetical remark.
2. Using or containing parentheses. on the face of financial statements, by supplementary information, or by other means of financial reporting is not a substitute for recognition in financial statements for items that meet recognition criteria" (FASB 1984).
If one accepts that stock-based compensation should be recognized as an expense, then the more difficult issues of when and how that cost is to be measured must be addressed.. The next two sections discuss the problems of determining the value of these options.
Measurement Date
In the early 1950's the Committee on Accounting Procedure noted that the principal problem surrounding accounting for stock-based compensation was how it was to be measured. Chapter 13 of Accounting Research Bulletin 43 discusses six possible dates for measuring compensation expense related to stock based compensation: the date the plan is adopted (adoption date), the grant date, the vesting date, the earliest possible exercise date, the actual date the options are exercised (exercise date), the date the grantee disposes of the stock acquired (disposal date). The committee quickly eliminated the adoption and disposal dates because they are not relevant to identifying the costs to the granting corporation. The committee also noted that the date on which the grantee may first exercise the option will generally coincide with the actual exercise date and, as such, there is no substantive difference between these dates. Later the FASB considered the three remaining dates (grant date, vesting date, and exercise date) and concluded that valid conceptual arguments support measuring compensation on each of these dates (FASB, 1993).
The grant date is the date the employer determines the number of options to be granted to the employee and the terms of those options. Grant date accounting involves recording an asset for an amount equal to the options fair value on the grant date, and amortizing the asset ratably over the period(s) that the related employee services are rendered. The grant date is theoretically appealing because it is the date the employer commits to the transaction and the employee, by continuing to work for the required service period, controls whether the options are exercised.
The appropriateness of this argument is illustrated by the Committee on Accounting Procedures comment that if the option "were granted as a form of supplementary compensation other than as an integral part of the employment contract..... it follows that the value of the option at that time (grant date).... which for accounting purposes constitutes whatever compensation the grantor An individual who conveys or transfers ownership of property.
In real property law, an individual who sells land is known as the grantor.
grantor n. intends to pay". The committee also noted that the grant date is "the date on which the corporation forgoes the principal alternative use of the shares which it places subject to option" (Committee on Accounting Procedure 1953).
An alternative to the grant date approach is to measure compensation expense on the date the employee fulfills all the service requirements of the compensation agreement and the option vests. The vesting date is the date on which the grantee has performed any conditions precedent to exercise of the option (Committee on Accounting Procedure 1953). As such, this is the first time that the employer is obligated to allow the options to be exercised. Prior to vesting the employee stock option agreement is merely an executory contract An executory contract is a contract in which a party has material unperformed obligations. Although material, an obligation to pay money does not usually make a contract executory.
The term executory contract assumes a specialized meaning in some areas of law. between the employer and employee. Only after the employee has provided the services required under the option agreement is the employer obligated to make the options described in the employment contract available to the employee. Employees that do not provide the service stipulated under the option agreement do not earn the right to exercise the options allotted al·lot
tr.v. al·lot·ted, al·lot·ting, al·lots
1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame.
2. to them.
Advocates of vesting date measurement also consider it to be consistent with accounting for the issuance of similar equity instruments to third parties for cash (FASB 1993, [paragraph] 87). Swieringa (FASB 1987, p. 560) uses the analogy analogy, in biology, the similarities in function, but differences in evolutionary origin, of body structures in different organisms. For example, the wing of a bird is analogous to the wing of an insect, since both are used for flight. of accounting for a warrant that is contingent on an uncertain future event. Prior to vesting, the employee does not have the right to exercise the option because they have not provided all the services required under the exchange agreement. As noted above, the stock compensation agreement is still an executory contract between the parties. Once the employee has provided the requisite services required under the stock compensation agreement, the options vest and the employee has the right to exercise the options during the exercise period. In effect, the employee is now in the same position as the holder of a stock purchase warrant, in that he or she has the right to acquire shares of stock at a certain price during a specified period. The choice of when to ultimately exercise the option is then an individual investment decision of the employee. Thus, any subsequent change in the market price should not affect the company's total compensation cost.
The recognition of compensation expense over the service period focuses attention on the vesting date (FASB 1987, p. 559). The accrued ac·crue
v. ac·crued, ac·cru·ing, ac·crues
1. To come to one as a gain, addition, or increment: interest accruing in my savings account.
2. compensation expense is estimated at the end of each service period until the vesting date when the actual total compensation cost is known. There are some measurement problems for the intervening period between the date of grant and the vesting date, but these are not uncommon accounting problems.
The third potential measurement date is the date the option is exercised by the employee. Proponents of using the exercise date argue that employee stock options are a contingency until they are exercised or lapse (language) LAPSE - A single assignment language for the Manchester dataflow machine.
["A Single Assignment Language for Data Flow Computing", J.R.W. Glauert, M.Sc Diss, Victoria U Manchester, 1978]. . Thus, the ultimate value of these options cannot be determined until the exercise date (Bohan Bohan (bō`hăn), in the Bible, son of Reuben. 1979). The accounting under this approach would be similar to the accounting for stock appreciation rights, where compensation costs would be accrued each year until they are exercised or lapse (Balsam balsam (bôl`səm), fragrant resin obtained from various trees. The true balsams are semisolid and insoluble in water, but they are soluble in alcohol and partly so in hydrocarbons. 1994). This method has the advantage of being simple and straightforward. It also produces symmetry symmetry, generally speaking, a balance or correspondence between various parts of an object; the term symmetry is used both in the arts and in the sciences. between the compensation cost recognized by the employer and the value received by the employee. However, as pointed out in the vesting date discussion above, the services have been performed and the options earned over the vesting period. The decision to exercise is an individual investment decision that is determined based on personal preferences, such as risk preferences (see Huddart 1994). Thus, using the exercise date as the measurement date would lead to compensation expense being a function of personal investment decisions rather than the services performed by the employee.
Each of the possible measurement dates discussed above have conceptual merit and were considered by the FASB in their deliberations prior to issuing the exposure draft. Most Board members thought that a reasonable conceptual case could be made for either the vesting date or the grant date (FASB 1993, [paragraph] 99). In the exposure draft, the FASB decided to focus on grant date measurement because this is the date that both parties agree to the terms of the stock compensation arrangement. Some FASB members were concerned about the volatility in interim reported compensation cost that might result from using the vesting date or the exercise date. However, FASB Chairman Beresford, in an interview shortly after the ED was issued, stated that "most FASB members agree that the vesting date is at least as conceptually appropriate for measuring option value as the grant date, and the use of the vesting date might eliminate the measurement difficulties that were inherent in the exposure draft position" (Bureau of National Affairs BNA (The Bureau of National Affairs, Inc.) is a Washington, D.C.-based publisher of news and information on legislation, regulations, and court decisions for professionals in business and government. It is the oldest wholly employee-owned company in the United States. 1994). In Section III we offer an alternative vesting date model that seems to minimize some of the problems inherent in the grant date approach.
Measurement Methods
The final issue in accounting for stock based compensation involves measuring the fair value of employee stock options (ESO ESO European Southern Observatory
ESO Educación Secundaria Obligatoria (Spain: compulsory secondary education)
ESO European Organisation for Astronomical Research in the Southern Hemisphere
ESO Edmonton Symphony Orchestra ), which determines the amount of compensation expense. This is, perhaps, the most controversial issue surrounding the stock compensation debate, and as a result the most difficult to resolve. The fair value of an ESO is driven by two elements: the intrinsic value of the option and its time value (Robbins 1988, p. 567). The intrinsic value is the difference between the exercise price of the option and the market price of the underlying stock on any given date. This value will be positive when the price of the underlying stock increases above the exercise price. When the stock price is below the exercise price, however, the intrinsic value of the option is zero. Thus, the option holder can benefit from upward price movements, but will not experience direct losses from downward price movements. (If the stock price falls below the exercise price, the option holder will simply choose not to exercise the option.) The time value of a stock option reflects the one-sided risk-reward characteristics of an option. The option-holder benefits from the stock appreciation without having to purchase the underlying stock. The time value decreases as the measurement date approaches and will be zero on the measurement date.
The difficulties in measuring the fair value of stock based compensation lies in identifying a clear, objective method for determining the fair value of the option's intrinsic value and time value elements. The FASB concluded in the ED that option pricing models provide the best measure of an ESO's fair value. They preferred these models because they consider the volatility value of the option; whereas, other approaches such as discounted cash flow techniques do not.
The FASB's primary argument for using option pricing models to value ESO's was that the resulting fair values and compensation cost would provide more useful and relevant financial information (FASB 1993). However, the overwhelming message from the public hearings and comment letters was that there was a need for a more reliable measurement of compensation cost than that suggested in the Exposure Draft (Coopers & Lybrand 1993, p. 23). Accounting information is reliable to the extent that it is verifiable, representationally faithful, and reasonably free of error and bias (FASB 1980). Most discussants agreed that the ED provided better neutrality than APB 25 (see Coopers & Lybrand 1993). However, these discussions also identified three critical limitations of option-pricing models that lead to serious concerns about the verifiability and representational rep·re·sen·ta·tion·al
Of or relating to representation, especially to realistic graphic representation.
rep faithfulness of the resulting fair value estimates.
First, option-pricing models generate only a mathematically derived "theoretical" value, which is based on a series of assumptions which may or may not be valid in the context of employee stock options. For example, Huddart (1994) illustrates how the assumption that all ESO's recipients are risk neutral may be inappropriate and discusses the impact this error has on option valuation. Because of the broad-ranging nature of these assumptions, the characteristics of ESO's, and the fact that no market exists for this type of stock option, there is no way to determine if the theoretical value approximates the fair market value of the option. The existence of vesting privileges, early exercise provisions, and trading restrictions further complicates the scenario. Such distortions in the foundations underlying these models leads to the perception that the resulting information is not representationally faithful.
Second, all option-pricing models have limitations. Many of the factors that influence fair value are based on expectations of the future that cannot be fully or accurately captured in a model. Even complex valuation models greatly simplify reality. For example, the models suggested in the exposure draft do not incorporate expectations of supply and demand, possible government actions, and changes in the economy, all of which may affect fair value. In addition, option-pricing models are usually designed to price short-term traded options, not long-term options subject to forfeiture The involuntary relinquishment of money or property without compensation as a consequence of a breach or nonperformance of some legal obligation or the commission of a crime. The loss of a corporate charter or franchise as a result of illegality, malfeasance, or Nonfeasance. and transferability restrictions. Again, these factors generate concerns about the representative faithfulness and reliability of option pricing model option pricing model
A mathematical formula for determining the price at which an option should trade. The model expresses the value of an option as a function of the value of the underlying asset, length of time until maturity, exercise price, yields on estimates.
Finally, values derived from option-pricing models are subjective estimates that are not necessarily comparable across entities or consistent across time. While many of the input variables are somewhat objective, three of the variables (expected volatility, expected dividend yield Expected dividend yield
Total amount of dividends received during the life of a futures contract or total dividends received for holding a particular stock one year. See: Current yield. , and expected term of the option) require highly subjective estimates. Even though these inputs are discretionary, small shifts in these variables can dramatically alter an option's value. For example, the FASB ED illustrates how, using the Black-Scholes option-pricing model, an option with a 6 year term, 30% expected volatility, and 1.5% expected dividend yield has an estimated fair value of $18.10. The sensitivity of this value to changes in the three subjective variables is illustrated in Figure 1, where all three of the subjective variables are adjusted up or down by 50 percent. As the table indicates, adjusting the variables by 50 percent produces a greater than 50% change in the option value, ranging from a low of $7.87 to a high of $29.23.
This illustration highlights how the estimated option values and related expense levels under the ED can vary significantly, depending on the assumptions used in the option pricing models. Although all assumptions affect option value, assumptions about stock price volatility and expected exercise term have the most significant impact on option value (Coopers & Lybrand 1993, p. 65). The non-verifiability and highly sensitive Adj. 1. highly sensitive - readily affected by various agents; "a highly sensitive explosive is easily exploded by a shock"; "a sensitive colloid is readily coagulated" nature of these subjective inputs has generated considerable concern about the reliability of the resulting option values (see e.g. Huddart 1994). These measurement problems lead to questions about whether the perceived need for a new standard is justified and whether the benefits to be derived justify the costs. Most of the concern is not driven by the cost of changing accounting practices and ongoing compliance, but the cost and inefficiency imposed in the marketplace by highly subjective and volatile expense measurements that lack comparability across companies. Relevant financial accounting information means that the information has either predictive or feedback value capable of making a difference in a decision (FASB 1980). The large potential variation in fair value estimates without a corresponding change in underlying economic circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or greatly diminishes the usefulness of this information for predictive or feedback purposes. Thus, both the relevance and the reliability of the resulting compensation expense is questionable.
The FAS 123 approach provides an improvement in the neutrality of the accounting for employee stock options, but the option valuation methods suggested in the statement appear to be impractical and highly unreliable. This indicates the need for an approach that is both relevant and reliable. The proposal suggested in the next section satisfies both of these characteristics, while avoiding the limitations associated with other measurement techniques.
The ultimate cost to the company of issuing employee stock options is the difference between the underlying market price of the stock and the option price when the option can first be exercised. This compensation is earned evenly over the entire compensation period, and therefore should be accrued and expensed over this period. The actual amount of compensation cost a company has incurred, however, is not known until after the compensation period has passed. Consequently, it is difficult to determine the amount of compensation expense to be recognized during each compensation period because it is impossible to know what total compensation cost will be until the measurement date.
A reliable measure of total compensation cost for the plan at any interim period is the present value of the difference between the current market price of the stock and the option price multiplied by the number of options granted. This total estimated compensation cost should then be allocated over the service period, with an expense (or a decrease in expense if the market price falls) recorded in each period. At the end of each interim period, total compensation expense reported to date should equal the percentage of the total service period that has elapsed e·lapse
intr.v. e·lapsed, e·laps·ing, e·laps·es
To slip by; pass: Weeks elapsed before we could start renovating.
n. multiplied by the present value of the estimated compensation cost.
This Vested Present Value (VPV VPV Virtual Prime Vendor
VPV Visitors Per Vehicle (tourism)
VPV Virtual Processor Vector ) approach is a variation of the method applied for stock appreciation rights outlined in FASB Interpretation No. 28 "Accounting for Stock Appreciation Rights and Other Variable Stock Awards" (1978). The primary difference between this method and that identified in Interpretation No. 28 is that the VPV approach discounts the estimated compensation during the service period. Because this approach measures compensation cost over the service period and focuses on present value methods rather than option pricing models, it resolves concerns about the reliability of option pricing models and allocating compensation cost to the appropriate periods.
To illustrate the VPV method, consider a company which grants options to purchase 1000 shares of common stock at an option price of $20 on January January: see month. 1, 1995 when the market price is also $20. The options vest on December 31, 1998 and are compensation for 1995, 1996, 1997, and 1998. The options can be exercised any time between January 1, 1999 and January 1, 2005. The market price of the stock on December 31, 1995; 1996; and 1997 is $26, $25, and $28, respectively. On the vesting date, December 31, 1998, the market price is $30.
Under current accounting requirements (APB 25), no compensation expense would be recorded at any time regardless of changes in the market price of the stock during the option period because the market price did not exceed the option price on the grant date. However, under the Vested Present Value approach, the company will have incurred a $10,000 cost on the vesting date (1,000 options times the difference between the market price and the option price on the vesting date) since the market price has risen to $30 by the vesting date. Figure 2 illustrates the amount of compensation expense to be recorded under the VPV approach, assuming that all of the options vest on December 31, 1998.
On January 1 1995, the grant date, there is no compensation cost because the market price does not exceed the option price. On December 31 1995, the market price on the vesting date is estimated using the current market price ($26). (Alternatively, the future market price could be estimated using an empirical model based on the firm's earnings history, dividend distributions, and discount rate. Because of the subjectivity of the inputs required for empirical modelling Empirical Modelling (EM), spelt with capitals to denote a particular approach and to distinguish it from any modelling done empirically, is a novel approach to computer-based modelling that developed from research initiated in the early 1980s by Meurig Beynon of the , however, we use current market price to approximate market price at the vesting date.) The estimated total compensation cost would be $6,000, the difference between the market and exercise price. The earliest that this cost could be incurred by the company, however, is three years in the future. Thus, conceptually the company should take the present value of this expected cost using the company's cost of capital (assumed to be 10% in this example). Multiplying this amount by the percentage of the service life completed provides the cumulative compensation that should be accrued to date. Since 1995 is the first year, the entire amount is recorded as compensation expense.
On December 31, 1996 the cumulative compensation is $2,065, the difference between the market price of $25 and the exercise price multiplied by the percentage of the service period elapsed (50%). Since $1,127 was recognized in 1995, the compensation expense for 1996 would be $938. Because compensation expense is measured by the difference between market prices of the stock from period to period, multiplied by the number of options and present value, compensation expense can increase or decrease from one period to the next. This possible volatility may bother some companies, but it would simply be reflecting the volatility of the stock prices. In addition, the net shift in stock price will be dampened because the stock option expense reduces income which is counter to the change in stock price. The total compensation cost allocated over the four years was $10,000, which was the company's actual cost on the vesting date ($30 -$20)(1,000 options).
Figure 3 illustrates the effect that changing the discount rate assumption up and down by 50% has on the outcome of the VPV method. Note that this 50% change in the lone subjective input of the VPV method changes annual compensation expense by less than 5%. This is compared to a greater than 50% change in the fair value of options when the assumptions of the Black-Scholes model are flexed by 50%.
As an alternative to the example in Figure 2, Figure 4 illustrates the scenario where market price rises to $30 during the vesting period and then drops to $20 on the vesting date. When the option price is equal to or greater than the market price on the vesting date, then the company has not incurred any cost and the Vested Present Value approach will not show any net compensation expense (any expense recorded in one year would have been credited in a later year). If the market price does not get above the option price until after the vesting date, the company will not show any compensation expense for the employee stock options during any period. If at a later date the market price exceeds the option price and the options are exercised, compensation expense will still not be recorded because the service period has been completed and the total cost to the company is the cost on the vesting date.
While the "true" annual compensation expense should be zero for each of the four years, it is impossible to know this during the years prior to vesting. Under the VPV method the $4,130 ($1,127 & $3,003) of compensation expense recorded in 1995 and 1996 is offset by the reductions in compensation expense of $721 and $3,409 in 1997 and 1998. Thus, the total compensation expense recorded over the four years is zero, which reflects the company's actual net compensation cost for the four year period. The fact that the VPV method recognizes net cumulative compensation of zero with annual expense based on current stock price, yields a more robust expense number than could be generated by option pricing models.
The employee stock option debate is a classic example of the difficulty the FASB faces in issuing an accounting standard. The entire controversy is troubling because the debate has not focused on "proper accounting," but rather on the economic consequences of the accounting issue. If standards are written to achieve social, economic, or public policy goals, then the credibility of financial reporting is in danger. The damaging effect that injecting social engineering into the standard setting process can have on the quality and credibility of this process has already been illustrated by the controversies associated with accounting for pensions, post-employment benefits, and business combinations.
Accounting standards should be neutral in that the resulting financial information reports economic activity as faithfully as possible without trying to influence behaviors. In this case, the standard should neither encourage nor discourage the use of options or other equity securities to compensate employees. Rather, they should neutrally report employers' compensation decisions. The bias in the requirements of APB 25 in favor of upon the side of; favorable to; for the advantage of.
See also: favor fixed plans at the expense of variable plans has resulted in a much greater use of fixed plans than would result if the requirements were neutral (Coopers & Lybrand 1993, p. 13). Since APB 25 uses the intrinsic value on the grant date for fixed plans, most fixed plans result in no expense being recognized. However, since variable plans use the date when both the number of shares and the exercise price are known, many of the variable plans will result in the recognition of an expense (FASB 1993, [paragraph] 55). Unfortunately, this may result in the employer's designing their compensation plans to "get around" the accounting standard rather than establishing plans that provide the best incentives (FASB 1993, [paragraph] 39).
The FASB attempted to remedy this problem with the proposal suggested in the Exposure Draft. The proposal would have significantly increased the amount of compensation expense many corporations recognize. Although this provides the desired neutrality, the option valuation methods suggested in the Exposure Draft are impractical and highly unreliable. The extremely negative reaction that the FASB experienced in response to the proposal probably caused the Board to compromise and issue Statement 123 which allows the APB 25 approach with additional disclosures. However, disclosure does not seem to be an adequate substitute for recognition of transactions such as these that should be treated as an expense. The FASB can be criticized for its measurement techniques, but not for attempting to require the measurement of compensation.
The Vested Present Value approach focuses on measuring both fixed and variable options on the vesting date because it is the date the employee's obligation condition has been satisfied, and the company is obligated to issue shares at the option price from the grant date. The actual compensation cost would be marked to market at the end of each period until the vesting date when the actual cost would be known. The compensation expense allocated to the service period would be the company's actual compensation cost. Options that fail to vest during a period would be part of the adjustment when the annual compensation expense is accrued. Consequently, the measurement amount will be both reliable and neutral.
This proposal seems to satisfy most of the conceptual issues that opponents to the ED have raised. Those opponents who want no expense to be shown or those who feel accounting standards should not necessarily be neutral will probably oppose this alternative. They would prefer the current accounting where the expense can be circumvented. However, if the options were given to independent consultants, or in exchange for materials, the options would be assigned as·sign
tr.v. as·signed, as·sign·ing, as·signs
1. To set apart for a particular purpose; designate: assigned a day for the inspection.
2. a value and recorded as an expense based upon the services or materials received. Despite the difficulties in measuring the compensation expense, failure to recognize an expense does not seem to be appropriate. This paper provides a reliable and theoretically sound alternative which might provide an acceptable solution to the stock compensation issue.
American Accounting Associations Financial Accounting Standards Committee (June 1994). Response to the FASB Exposure Draft Accounting for Stock-based Compensation.
Accounting Horizons, 8(2),114-116. Accounting Principles Board (1972). Opinion No. 25 Accounting for Stock Issued to Employees.
Balsam, Steven Ste´ven
n. 1. Voice; speech; language.
Ye have as merry a steven
As any angel hath that is in heaven.
- Chaucer.
2. An outcry; a loud call; a clamor.
To set steven
to make an appointment. (1994). Extending the Method of Accounting for Stock Appreciation Rights to Employee Stock Options. Accounting Horizons, 8(4), 52-60.
Beresford, Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the (1995). How Should the FASB Be Judged. Accounting Horizons, 9(2), 5661.
Bureau of National Affairs (1994). Despite Intense Focus on Stock Options, FASB Chief Calls Derivatives derivatives
In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. Top Priority. Banking Report.
Bohan, Michael Michael, archangel
Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. (1990). Measuring the Compensation Element in Employee Stock Option Plans. Journal of Accounting, Auditing, and Finance, 2(3),261-264.
Committee on Accounting Procedure (1953). Accounting Research Bulletin No. 43. Restatement Restatement
A revision in a company's earlier financial statements.
The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. and Revision of Accounting Research Bulletins. New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York. Coopers & Lybrand (1993). Stock Options: Accounting, Valuation, and Management Issues. New York, New York: Coopers & Lybrand.
Defusco, Richard, Thomas Zorn Zorn may refer to:
- The river Zorn in Alsace
- Anders Zorn (1860-1920), Swedish painter
- Eric Zorn, columnist for the Chicago Tribune, husband of Johanna Zorn
- In politics:
- Robert Johnson (governor), South Carolina
- Robert Johnson (Texas) (1929–1995), member of Texas state legislature 1956–63
- Robert D. Johnson (1883–1961), U.S.
Financial Accounting Standards Board Financial Accounting Standards Board (FASB)
Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (1980). Statement of Financial Accounting Concepts No. 2: Qualitative Characteristics of Accounting Information. Norwalk Norwalk (nôr`wôk').
1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , CT: FASB.
Financial Accounting Standards Board (1984). Statement of Financial Accounting Concepts No. 5: Recognition and Measurement in Financial Statements of Business Enterprises. Norwalk, CT: FASB. 1984.
Financial Accounting Standards Board (1985). Statement of Financial Accounting Concepts No. 6: Elements of Financial Statements. Norwalk, CT: FASB.
Financial Accounting Standards Board (1985). Statement of Financial Accounting Standards No. 87: Employers Accounting for Pensions. Norwalk, CT: FASB.
Financial Accounting Standards Board (1987). Status Report No. 183. "Comments by Board Member Robert Robert, Henry Martyn 1837-1923.
American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876).
Noun 1. Swieringa." Norwalk, CT: FASB.
Financial Accounting Standards Board (1993). Proposed Statement of Financial Accounting Standards: Accounting for Stock-Based Compensation. Norwalk, CT: FASB.
Financial Accounting Standards Board (1996). Statement of Financial Accounting Standards No. 123: Accounting for Stock-Based Compensation. Norwalk, CT: FASB.
Foster, Taylor, Paul Taylor, Paul, 1930–, American modern dance choreographer, b. Pittsburgh. Taylor trained as an artist before he received scholarships to study dance. In 1953 he made his debut with the Merce Cunningham company and performed his first dance composition. Koogler, and Don Vickrey (1991). Valuation of Executive Stock Options and the FASB Proposal. The Accounting Review, 66(3), 595-610.
Huddart, Steven (1994). Employee Stock Options. Journal of Accounting and Economics, 18(2), 207-231.
Jensen Noun 1. Jensen - modernistic Danish writer (1873-1950)
Johannes Vilhelm Jensen , Michael, and William Meckling (1976). Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics, 4, 305-360.
Lambert Lambert may refer to
- Lambert of Maastricht, bishop, saint, and martyr
- Lambert Mieszkowic, son of Mieszko I of Poland
- Lambert McKenna, Irish scholar, Editor and Lexicographer.
Larker lark 1
1. Any of various chiefly Old World birds of the family Alaudidae, especially the skylark, having a sustained, melodious song.
2. Any of several similar birds, such as the meadowlark. , David (1983). The Association Between Performance Plan Adoption and Corporate Capital Investment. Journal of Accounting and Economics, 5(1), 3-30.
Noreen, Eric (1979). Comment: Measuring the Compensation Element in Employee Stock Option Plans. Journal of Accounting, Auditing and Finance, 3(1), 67-69.
Robbins, Barry (1988). FASB's Long Look at Stock Compensation Plans. Journal of Accountancy, 166(2), 60-68.
Rouse, Robert and Douglas Barton BARTON, old English law. The demesne land of a manor; a farm distinct from the mansion. (1993). Stock Compensation Accounting: Employee Stock Options Might Be Today's Most Controversial Accounting Issue. Journal of Accountancy, 175(6), 67-70.
Taking Account of Stock Options (Perspectives). Harvard Business Review Harvard Business Review is a general management magazine published since 1922 by Harvard Business School Publishing, owned by the Harvard Business School. A monthly research-based magazine written for business practitioners, it claims a high ranking business readership and (January/February, 1994), 27-36. Weil, Roman (1990). Role of the Time Value of Money in Financial Reporting. Accounting
Horizons, 4(4), 47-67. Wolk, Harry, and John Rozycki (1994). Stock Options Are Not An Expense. Financial Executive, 12-15.
Young, Charles (1994). What's the Right Black-Scholes Value. Financial Executive, 57-59.
Dale Martin, Wake Forest University
Jonathan Duchac, Wake Forest University
FIGURE 1 VARIATION IN BLACK-SCHOLES OPTION PRICING MODEL RESULTS Risk-free Stock Interest Expected Expected Scenario Price Rate Term Volatility Decrease by 50% $50 6.5% 3 yr. 15% Base Case $50 6.5% 6 yr. 30% Increase by 50% $50 6.5% 9 yr. 45% Expected Fair Value Compensation Dividend of the Expense for Scenario Yield [dagger] Option 1,000 Options Decrease by 50% 2.25% $7.87 $7,870 Base Case 1.5% $18.10 $18,100 Increase by 50% .75% $29.23 $29,230 [dagger] The expected dividend yield is increased by 50% in the first row and decreased by 50% in the last row in order to show the potential range of variation in option value under the Black-Scholes model. FIGURE 2 ANNUAL COMPENSATION EXPENSE Market Exercise Compensation Present Date Price Price Recognizable Value (1) 1/1/95 $20 $20 $0 .683 12/31/95 $26 $20 $6,000 .751 12/31/96 $25 $20 $5,000 .826 12/31/97 $28 $20 $8,000 .909 12/31/98 $30 $20 $10,000 1.000 Cumulative Comp. Annual % Accrued Comp. Date Accrued (2) To Date Expense 1/1/95 0% $0 $0 12/31/95 25% $1,127 $1,127 12/31/96 50% $2,065 $938 12/31/97 75% $5,454 $3,389 12/31/98 100% $10,000 $4,546 (1) Assuming an interest rate of 10% compounded annually. (2) The % accrued is based upon the 4-year service period FIGURE 3 Variation in Annual Compensation Expense under the Vpv Method 5% Discount Rate Marke Comp Date t Recognizable Cumm. Price Comp. Annual Acc'd Comp. To Date Exp 1/1/95 $20 $0 $0 $0 12/31/95 $26 $6,000 $1,296 $1,296 12/31/96 $25 $5,000 $2,268 $972 12/31/97 $28 $8,000 $5,712 $3,444 12/31/98 $30 $10,000 $10,000 $4,288 10% Discount Rate Marke Comp Date t Recognizable Cumm. Price Comp. Annual Acc'd Comp. To Date Exp 1/1/95 $20 $0 $0 $0 12/31/95 $26 $6,000 $1,127 $1,127 12/31/96 $25 $5,000 $2,065 $938 12/31/97 $28 $8,000 $5,454 $3,389 12/31/98 $30 $10,000 $10,000 $4,546 15% Discount Rate Marke Comp Date t Recognizable Cumm. Price Comp. Annual Acc'd Comp. To Date Exp 1/1/95 $20 $0 $0 $0 12/31/95 $26 $6,000 $987 $987 12/31/96 $25 $5,000 $1,890 $903 12/31/97 $28 $8,000 $5,220 $3,330 12/31/98 $30 $10,000 $10,000 $4,780 FIGURE 4 Annual Compensation Expense Market Exercise Compensation Present Date Price Price Recognizable Value (1) 1/1/95 $20 $20 $0 .683 12/31/95 $26 $20 $6,000 .751 12/31/96 $30 $20 $10,000 .826 12/31/97 $25 $20 $5,000 .909 12/31/98 $20 $20 $0 1.000 Cumulative Comp. Annual % Accrued Comp. Date Accrued (2) To Date Expense 1/1/95 0% $0 $0 12/31/95 25% $1,127 $1,127 12/31/96 50% $4,130 $3,003 12/31/97 75% $3,409 ($721) 12/31/98 100% $0 ($3,409) (1) Assuming an interest rate of 10% compounded annually. (2) The % accrued is based upon the 4-year service period
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Grand Masti is going very strong at Indian Box Office as The Film Collected a very well on its 5th Day or Tuesday. Tuesday Business was almost as per Monday in many circuits. The Monday Collection was 7.50 crores Nett and The Film has added another 6.75 – 7 crores Nett on Tuesday. This will ... Read More »
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Reviewed Opakapaka Fish on Hirabara Baby Greens, Green Apple Vinaigrette, and Stilton Bruschetta
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"This salad has potential. The apple vinegrette was great, sweet and tangy, and the mahi mahi a good choice of fish, but it seemed there were missing ingredients for seasoning and other toppings. The fish should have had either a light marinade or at least salt/pepper, and I could see a type of nut like walnut and then tomatoes as other toppings?""


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NORML Blog, Marijuana Law Reform »Working to reform marijuana laws
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Federal Omnibus Includes Amendment to Prohibit DOJ/DEA From Interfering With State Medical Marijuana
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NORML Legal Seminars Remain Vital for Defense Lawyers
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Poll: 60 Percent Of Americans Say States, Not Feds, Ought To Decide Marijuana Question
Six out of ten voters believe that states, not the federal government, should authorize and enforce marijuana policy, according to national polling data reported this week by the Washington, DC think-tank Third Way. Further, a super-majority of voters (67 percent) agreed, "Congress should pass a bill giving states that have legalized marijuana a safe haven from federal marijuana laws, so long as they have a strong regulatory system."
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The Coffee Shops and the 2014 High Times Cannabis Cup
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Colorado: Health Officials Recommend $7.5 Million In Grant Funding For Clinical Cannabis Trials
State Public Health Department officials have recommended over $7 million dollars in grant funding to pay for a series of state-sponsored clinical trials to assess the safety and efficacy of cannabis and cannabinoids. The proposed studies include a pair of clinical trials to evaluate the use of cannabidiol (CBD), a nonpsychotropic plant cannabinoid, for patients with pediatric epilepsy. Two additional trials will assess the use of cannabis for patients suffering from post-traumatic stress. Other studies will assess the efficacy of either cannabis or CBD in the treatment of Parkinson's disease, brain tumors, ulcerative colitis, and pain management.
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