american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) sfas no . 148 . in accordance with apb no . 25 , the company recognizes compensation expense based on the excess , if any , of the quoted stock price at the grant date of the award or other measurement date over the amount an employee must pay to acquire the stock . the company 2019s stock option plans are more fully described in note 14 . in december 2004 , the fasb issued sfas no . 123 ( revised 2004 ) , 201cshare-based payment 201d ( sfas 123r ) , as further described below . during the year ended december 31 , 2005 , the company reevaluated the assumptions used to estimate the fair value of stock options issued to employees . as a result , the company lowered its expected volatility assumption for options granted after july 1 , 2005 to approximately 30% ( 30 % ) and increased the expected life of option grants to 6.25 years using the simplified method permitted by sec sab no . 107 , 201dshare-based payment 201d ( sab no . 107 ) . the company made this change based on a number of factors , including the company 2019s execution of its strategic plans to sell non-core businesses , reduce leverage and refinance its debt , and its recent merger with spectrasite , inc . ( see note 2. ) management had previously based its volatility assumptions on historical volatility since inception , which included periods when the company 2019s capital structure was more highly leveraged than current levels and expected levels for the foreseeable future . management 2019s estimate of future volatility is based on its consideration of all available information , including historical volatility , implied volatility of publicly traded options , the company 2019s current capital structure and its publicly announced future business plans . for comparative purposes , a 10% ( 10 % ) change in the volatility assumption would change pro forma stock option expense and pro forma net loss by approximately $ 0.1 million for the year ended december 31 , 2005 . ( see note 14. ) the following table illustrates the effect on net loss and net loss per common share if the company had applied the fair value recognition provisions of sfas no . 123 ( as amended ) to stock-based compensation . the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : .

2005: net loss as reported: -171590
add : stock-based employee compensation expense net of related tax effect included in net loss as reported: 7104
less : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect: -22238
pro-forma net loss: -186724
basic and diluted net loss per share as reported: -0.57
basic and diluted net loss per share pro-forma: -0.62
2004: net loss as reported: -247587
add : stock-based employee compensation expense net of related tax effect included in net loss as reported: 2297
less : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect: -23906
pro-forma net loss: -269196
basic and diluted net loss per share as reported: -1.1
basic and diluted net loss per share pro-forma: -1.2
2003: net loss as reported: -325321
add : stock-based employee compensation expense net of related tax effect included in net loss as reported: 2077
less : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect: -31156
pro-forma net loss: -354400
basic and diluted net loss per share as reported: -1.56
basic and diluted net loss per share pro-forma: -1.7

the company has modified certain option awards to revise vesting and exercise terms for certain terminated employees and recognized charges of $ 7.0 million , $ 3.0 million and $ 2.3 million for the years ended december 31 , 2005 , 2004 and 2003 , respectively . in addition , the stock-based employee compensation amounts above for the year ended december 31 , 2005 , include approximately $ 2.4 million of unearned compensation amortization related to unvested stock options assumed in the merger with spectrasite , inc . such charges are reflected in impairments , net loss on sale of long-lived assets , restructuring and merger related expense with corresponding adjustments to additional paid-in capital and unearned compensation in the accompanying consolidated financial statements . recent accounting pronouncements 2014in december 2004 , the fasb issued sfas 123r , which supersedes apb no . 25 , and amends sfas no . 95 , 201cstatement of cash flows . 201d this statement addressed the accounting for share-based payments to employees , including grants of employee stock options . under the new standard .

Questions:
what was the pro forma net loss in 2005?
what was the value in 2004?
what was the net change in value?
what is the net change divided by the 2004 value?

Answers:
-186724
-269196
82472
-30.6%