The Company had been expensing share-based awards without estimating forfeitures, and reduced the expense recognized as forfeitures actually occurred.
Accordingly, as of the adoption date, the Company is required to reduce its previously recognized expense for forfeitures on existing awards which have not yet vested, which results in the reduction of previously recognized expense.
The amount of this reduction is presented on the statement of operations as a cumulative effect of a change in accounting principle, net of tax. The cumulative adjustment increased first quarter 2007 earnings by $1.0 million, or $0.04 per diluted common share.
Jo-Ann Stores Inc, the leading national fabric and craft retailer with locations in 47 states, operates 662 Jo-Ann Fabrics and Crafts traditional stores and 164 Jo-Ann superstores.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
