Its average annual total return to shareholders (stock appreciation plus dividends) over the three years to May 31, 1995, was a negative 20 percent.

To take account of this so-called 'stock appreciation', it is necessary to subtract an appropriate amount in computing the national income.

There are days when Mr. Gates's net worth goes up, based on stock appreciation, by more than $100 million.

Last year, she received a total of $10 million in salary, bonuses and stock appreciation.

They then get a deduction for the full amount of the proceeds, without incurring any capital-gains tax on the stock appreciation.

The bank recently disclosed that he would be paid $189 million over 10 years as a result of changes in options grants precipitated by the firm's stock appreciation.

Total returns at Mills - including stock appreciation and dividends - have plunged 36 percent in the last year.

The company rewarded investors with strong earnings growth and steady stock appreciation.

BellSouth's stock appreciation of 55.5 percent through last Friday outdistanced each of the other five by at least 16 percentage points.

"Given the well-reported challenges of this industry, creating significant stock appreciation is an endeavor that should be rewarded appropriately."