ZNCM is cheap at $1.44 based on Q1 EPS of $0.05, but that included no stock option expense, since all are fully vested and no new options were granted during the quarter. But typically options are awarded in Q4.
In 2005 EPS was reported as $0.16, but would have been only $0.10 including the stock option expense as per pro-forma financials in the 10K footnotes .... GAAP rules did not require the expensing last year, but of course they do this year as of 3/31.
Hopefully the new rules will make companies more conservative in handing out 'candy' in the form of stock options to the executives ! Too much candy and there'll be cavities found in both the earnings and the stock price.
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