Ronny, at the time of the Oct 2004 cc, Fagan stated how much was going to be reversed against PIC and Earnings before the earnings release. Your assumption could prove inaccurate IMO but we only have another week to find out, that is if Fagan has actually worked up the figures. Here are his remarks that I didn't post originally but were contained in the link.
"Second, because of our solid operating performance over the past few years and expectations for generating future taxable income, we will recognize a non-cash benefit in third quarter 2004 associated with the partial reversal of our valuation allowance against deferred tax assets. The partial reversal will result in a recognition of approximately $27 million non-cash benefit, $17 million of which will be recognized as income in the income statement and the other $10 million will be credited directly to additional paid-in capital."
From your post: Fagan's comments that you are referring to occurred in October 2004, BEFORE the third quarter earnings results were known. The third quarter earnings press release was dated in November 9, 2004. However the third quarter 2004 financials, ACTUALLY charged more to income than to capital on the valuation reversal. Therefore I think the same thing will hold true on the 2005 reversal also.
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