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The following table is a reconciliation of
the asset retirement obligation liability since adoption:
The following table shows the pro forma effect
of the implementation on the Company's income available to common
shareholders before cumulative effect of change in accounting principle
had SFAS No. 143 been adopted by the Company on January 1, 2002.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
On December 16, 2004, the FASB issued SFAS
No. 123 (revised 2004), "Share-Based Payment" ("SFAS No. 123(R)").
SFAS No. 123(R) will require companies to measure all employee stock-based
compensation awards using a fair value method and record such expense
in their consolidated financial statements. In addition, the adoption
of SFAS No. 123(R) requires additional accounting and disclosure
related to the income tax and cash flow effects resulting from share-based
payment arrangements. SFAS No. 123(R) is effective beginning as
of the first interim or annual reporting period beginning after
June 15, 2005. The Company believes it is likely that the impact
of the requirements of SFAS No. 123(R) will significantly impact
the Company's future results of operations and continues to evaluate
it to determine the degree of significance.
In December 2004, SFAS No. 153, "Exchanges
of Nonmonetary Assets - an Amendment of APB Opinion No. 29" is effective
for fiscal years beginning after June 15, 2005. This statement addresses
the measurement of exchange of nonmonetary assets and eliminates
the exception from fair value measurement for nonmonetary exchanges
of similar productive assets in paragraph 21(b) of APB Opinion No.
29, "Accounting for Nonmonetary Transactions" and replaces it with
an exception for exchanges that do not have
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