Apple Computer could become the first Silicon Valley technology company to treat employee stock options as an expense, with shareholders approving the accounting change today over the objections of the company's board of directors.

The Apple board recommended against the proposal from the United Brotherhood of Carpenters and Joiners of America, saying it would hinder the company's ability to attract and retain key employees and would produce less accurate financial statements because there is no standard way to calculate the cost.

Apple shareholders approve treating options as an expense