text: ***Revenue recognition:***The Company recognizes revenue when pervasive evidence of an arrangement exists, services 
  have been rendered or products have been delivered, the price to the buyer is fixed and determinable and collectibility 
  is reasonably assured. Revenues are recognized by the Company based on the various types of transactions generating 
  the revenue. For equipment sales, revenue is recognized when the sales transaction is complete. For services, revenue 
  is recognized as the services are performed. 
  
  Beginning in 2000, coinciding with the inception of activation fees in its PCS segment, nonrefundable PCS activation 
  fees and the portion of the activation costs deemed to be direct costs of acquiring new customers (primarily activation 
  costs and credit analysis costs) were deferred and recognized ratably over the estimated life of the customer 
  relationship of 30 months in accordance with the Securities and Exchange Commission's Staff Accounting Bulletin 
  
  SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 20 