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WestAmerica: Man Bites Dog

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By Douglas A. McIntyre Published
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From AAO Weblog

Make that “stock comp error correction treats shareholders well.” Ah, no. More descriptive, but lacks punch.

WestAmerica Bancorporation filed its 10-K yesterday, and revealed a SAB 108 correction for the overaccrual of liabilities related to employee stock-based compensation.

It was a minor amount – $3 million pretax, $1.8 million aftertax – especially when compared to stockholders’ equity of $424 million. The interesting thing is that it was a reduction of other liabilities for the compensation, and an increase to stockholders’ equity.

When you think of error corrections involving stock compensation, you have a tendency to think in the reverse direction. Truly a case of “man bites dog.”

http://www.accountingobserver.com/blog/

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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