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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.”
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