How informative are earnings numbers that exclude goodwill amortization?

In the original exposure draft, Business Combinations and Intangible Assets, the FASB proposed that companies be allowed to report a 2nd per share earnings number that excludes goodwill amortization. Subsequently, the FASB has proposed that goodwill not be amortized at all. Instead, it will be written down when impaired. This study assesses the information content of earnings excluding amortization of intangibles relative to 2 traditional performance measures: earnings before extraordinary items and cash flow from operations.