impairment of those assets.  SFAS No. 142 also provides specific guidance about how to determine and measure
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
income until realized.  Realized gains and losses are determined on a specific identification basis.  A decline
in the market value of any available-for-sale security below cost that is deemed to be other than temporary
results in a reduction in the carrying amount to fair value.  The impairment is charged to earnings and a
new cost basis for the security is established. 
Investments Carried at Cost: Investments in common stock in which the Company does not have a
significant ownership (less than 20%) and for which there is no ready market, are carried at cost.
Information regarding investments carried at cost is reviewed continuously for evidence of impairment in
value.  Impairments are charged to earnings and a new cost basis for the investment is established.
Equity Method Investments :  Investments in partnerships and unconsolidated corporations where the
Company's ownership is 20% or more, or where the Company otherwise has the ability to exercise
significant influence, are reported under the equity method.  Under this method, the Company's equity in
earnings or losses of investees is reflected in earnings.  Distributions received reduce the carrying value of
these investments.  The Company recognizes a loss when there is a decline in value of the investment which
is other than a temporary decline.
19 ■ 2003 ANNUAL REPORT