A recent survey by Deloitte & Touche predicted that 30 percent of companies would reduce the use of employee stock purchase plans if FASB's expensing proposal became effective.

That may already be happening, partially in response to the FASB expensing proposal.

According to Equilar, a San Mateo, Calif.-based company that tracks executive compensation, public companies have started to modify their plans, and in some cases are eliminating or suspending them.

Here are a few recent examples:

$1.2 billion Deluxe Corp., for example, recently raised the discounted price at which employees could purchase company stock, from 75 percent to 85 percent.

Fannie Mae did the same, notes Equilar, raising the discount from 85 percent to 95 percent.

$3.4 billion computer maker Gateway went even further, eliminating entirely its stock purchase discount for employees.

$20.3 billion paper company Georgia Pacific completely suspended employee purchases of company stock under its ESPP.

According to Equilar, decreasing or eliminating the purchase price discount reduces the expense of ESPPs; however, it also reduces the benefit to employees.

"The more that the purchase price discount is reduced, the sharper the drop in employee participation in these plans," noted an Equilar spokesman, "which will also have the consequence of reducing the expense."

Details from Equilar are below:

Companies Starting To Change Stock Purchase Plans