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FOR IMMEDIATE RELEASE Jefferies Group, Inc. To Expense Stock Options NEW YORK, Feb 5, 2003 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that it will expense all stock options granted by the company beginning in 2003. Jefferies will adopt the fair-value-based method of recording stock options contained in FASB Statement No. 123, Accounting for Stock-Based Compensation. All future employee stock option grants beginning in 2003 will be expensed over the stock option vesting period based on the fair value at the date the options are granted. FASB Statement No. 148 amends Statement No. 123 and provides three transition methods for companies that adopt the fair value method of Statement 123 to account for stock options. Jefferies has not yet determined which transition method it will use, but the expensing of options by the company may result in the restatement of historical numbers. "Transparency is important to Jefferies, and our decision to expense stock options reflects our desire to provide this information in a way that is consistent with the evolving belief that expensing represents a preferable method of disclosure," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. About Jefferies Jefferies Group, Inc. (NYSE: JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and growth companies. Subsidiaries of Jefferies Group, Inc., together, comprise a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage, private client services and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' subsidiary, Helfant Group, Inc., executes approximately twelve percent of the daily reported volume on the NYSE. Through its subsidiaries, Jefferies Group, Inc. employs more than 1,350 people in 21 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Washington and Zurich. Further information about Jefferies, including a description of investment banking, trading, research and asset management services, can be found at www.jefco.com. CONTACT: |
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