tigation and remediation costs regardless of fault. The Company may be similarly designated with respect to additional third-party sites in the future. 

The Company initially provides for estimated costs of environmental-related activities relating to its past operations and third-party sites for which commitments or clean-up plans have been developed and when such costs can be reasonably estimated based on industry standards and historical experience. These estimated costs are determined based on currently available facts regarding each site. If the best estimate of costs can only be identified as a range and no specific amount within that range can be determined more likely than any other amount within the range, the minimum of the range is provided. The unaccrued maximum of the estimated range of possible outcomes is $117,135 higher than the minimum. The Company continuously assesses its potential liability for investigation and remediation- related activities and adjusts its environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Actual costs incurred may vary from these estimates due to the inher- ent uncertainties involved including, among others, the number and financial condition of parties involved with respect to any given site, the volumetric contribution which may be attributed to the Company relative to that attributed to other parties, the nature and magnitude of the wastes involved, the various technologies that can be used for remediation and the determination of accept- able remediation with respect to a particular site. 

Included in Other long-term liabilities at December 31, 2004, 2003, and 2002 were accruals for extended environmental-related activities of $116,537, $107,688 and $105,207, respectively. Estimated costs of current investigation and remediation activities of $24,953, $25,697 and $23,499 were included in Other accruals at December 31, 2004, 2003 and 2002, respectively. 

Four of the Company’s current and former manufac- turing sites accounted for the majority of the accrual for environmental-related activities and the unaccrued max- imum of the estimated range of possible outcomes at December 31, 2004. Included in the total accrual of $141,490 at December 31, 2004 was $92,384 related directly to these four sites. In the aggregate unaccrued exposure of $117,135 at December 31, 2004, $64,436 related to the four manufacturing sites. While environ- mental investigations and remedial actions are in differ- ent stages at these sites, additional investigations, 

remedial actions and monitoring will likely be required at each site. 

Management cannot presently estimate the potential loss contingencies related to these sites or other less sig- nificant sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed. In the event any future loss contingency significantly exceeds the current amount accrued, the recording of the ultimate liability may result in a material impact on net income for the annual or interim period during which the additional costs are accrued. Management does not believe that any poten- tial liability ultimately attributed to the Company for its environmental-related matters will have a material adverse effect on the Company’s financial condition, liquidity, or cash flow due to the extended period of time during which environmental investigation and remediation takes place. An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties. 

Management expects these contingent environmen- tal-related liabilities to be resolved over an extended period of time. Management is unable to provide a more specific time frame due to the indefinite amount of time to conduct investigation activities at any site, the indefi- nite amount of time to obtain environmental agency approval, as necessary, with respect to investigation and remediation activities, and the indefinite amount of time necessary to conduct remediation activities. 

## NOTE 10—CAPITAL STOCK 

At December 31, 2004, there were 300,000,000 shares of common stock and 30,000,000 shares of serial preferred stock authorized for issuance. Of the author- ized serial preferred stock, 3,000,000 shares are desig- nated as cumulative redeemable serial preferred stock which may be issued pursuant to the Company’s share- holders’ rights plan if the Company becomes the target of coercive and unfair takeover tactics and 571,819 shares are designated as convertible participating serial preferred stock (see Note 11). An aggregate of 18,355,814, 22,386,580 and 16,411,277 shares of com- mon stock at December 31, 2004, 2003 and 2002, respectively, were reserved for future grants of restricted stock and the exercise and future grants of stock options (see Note 12). Common shares outstanding shown in the following table included 475,628 shares of common stock held in a revocable trust at December 31, 2004, 2003 and 2002, respectively. The revocable trust is used 

