| TABLE 4: Total Shareholder Returns, 1992-1997 | ||||||||||||||||||||||||||||||
| All Non-SO cos. | Compustat 500 | All Stock Option | Stock Option > 50% | Stock Option < 50% | ||||||||||||||||||||||||||
| Year | (1) | (2) | (3) | (4) | (5) | |||||||||||||||||||||||||
| Mean | Median | Mean | Median | Mean | Median | Mean | Median | Mean | Median | |||||||||||||||||||||
| All cos. reporting in given year: | ||||||||||||||||||||||||||||||
| 1992 | 33.7% | 10.1% | 17.0% | 10.3% | 29.7% | 15.3% | 9.7% | -4.7% | 25.1% | 7.7% | ||||||||||||||||||||
| 1993 | 33.0% | 11.7% | 47.1% | 15.6% | 31.9% | 20.0% | 32.6% | 29.8% | 4.3% | 6.1% | ||||||||||||||||||||
| 1994 | -4.5% | -9.3% | 2.5% | 1.7% | 10.0% | *** | 5.0% | 16.1% | * | -0.7% | 4.6% | 9.8% | ||||||||||||||||||
| 1995 | 31.8% | 16.3% | 33.9% | 30.2% | 51.4% | *** | 38.3% | 72.9% | *** | 44.4% | 42.7% | 45.6% | ||||||||||||||||||
| 1996 | 35.4% | 8.7% | 24.6% | 20.9% | 19.9% | 14.2% | 9.0% | 5.9% | 23.3% | 13.1% | ||||||||||||||||||||
| 1997 | 31.7% | 9.7% | 28.8% | 27.8% | 16.4% | 13.3% | 5.9% | -7.1% | 25.5% | 21.9% | [1] | |||||||||||||||||||
| Cos. reporting in every year: | ||||||||||||||||||||||||||||||
| 1992 | 34.9% | 11.1% | 17.2% | 10.3% | 29.7% | 15.3% | 9.7% | -4.7% | 25.1% | 6.3% | ||||||||||||||||||||
| 1993 | 35.8% | 12.8% | 47.7% | 15.1% | 32.1% | 19.6% | 34.1% | 25.7% | 4.2% | 5.8% | ||||||||||||||||||||
| 1994 | -1.7% | -7.1% | 3.0% | 1.8% | 10.9% | *** | 5.8% | 23.4% | * | 0.1% | 4.4% | 7.2% | ||||||||||||||||||
| 1995 | 33.4% | 19.3% | 34.0% | 30.9% | 45.7% | ** | 37.2% | 67.2% | ** | 57.1% | 46.3% | 44.3% | ||||||||||||||||||
| 1996 | 23.2% | 11.6% | 24.0% | 20.5% | 20.2% | 14.2% | 11.7% | 11.9% | 24.9% | 14.8% | ||||||||||||||||||||
| 1997 | 46.3% | 17.4% | 29.3% | 29.3% | 21.3% | 20.9% | 9.2% | -5.5% | 30.5% | 30.8% | ||||||||||||||||||||
| Avg. individual company: | ||||||||||||||||||||||||||||||
| cumulative return^ | 193.1% | 81.8% | 275.0% | 151.7% | 303.2% | *** | 163.9% | 232.5% | 108.9% | 318.9% | 128.0% | |||||||||||||||||||
| yearly return^ | 19.6% | 10.5% | 24.6% | 16.6% | 26.2% | *** | 24.0% | 22.2% | 13.1% | 27.0% | 14.7% | |||||||||||||||||||
| * Significantly different from non-SO companies at p<.10 ** p<.05 *** p<.01 | ||||||||||||||||||||||||||||||
| ^ Average cumulative and yearly returns are calculated just for those companies that reported data in each year from 1992 to 1997 | ||||||||||||||||||||||||||||||
| These represent the average of individual company returns, not the portfolio returns. | ||||||||||||||||||||||||||||||
| Note: These results give equal weight to each company's data, in contrast to the regression results in Tables 3-6 which use robust | ||||||||||||||||||||||||||||||
| regression to minimize the influence of outlying values. | ||||||||||||||||||||||||||||||