american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) stock-based compensation 2014the company complies with the provisions of sfas no .
148 , 201caccounting for stock-based compensation 2014transition and disclosure 2014an amendment of sfas no .
123 , 201d which provides optional transition guidance for those companies electing to voluntarily adopt the accounting provisions of sfas no .
123 .
the company continues to use accounting principles board opinion no .
25 ( apb no .
25 ) , 201caccounting for stock issued to employees , 201d to account for equity grants and awards to employees , officers and directors and has adopted the disclosure-only provisions of 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 13 .
in december 2004 , the fasb issued sfas no .
123r , 201cshare-based payment 201d ( sfas no .
123r ) , described below .
the following table illustrates the effect on net loss and net loss per 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 ) : .

2004
2003
2002
Net loss as reported
$(247,587)
$(325,321)
$(1,163,540)
Add: Stock-based employee compensation expense associated with modifications, net of related tax effect, included in net loss asreported
2,297
2,077
Less: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related taxeffect
(23,906)
(31,156)
(38,126)
Pro-forma net loss
$(269,196)
$(354,400)
$(1,201,666)
Basic and diluted net loss per share—as reported
$(1.10)
$(1.56)
$(5.95)
Basic and diluted net loss per share pro-forma
$(1.20)
$(1.70)
$(6.15)

during the year ended december 31 , 2004 and 2003 , the company modified certain option awards to accelerate vesting and recorded charges of $ 3.0 million and $ 2.3 million , respectively , and corresponding increases to additional paid in capital in the accompanying consolidated financial statements .
fair value of financial instruments 2014the carrying values of the company 2019s financial instruments , with the exception of long-term obligations , including current portion , reasonably approximate the related fair values as of december 31 , 2004 and 2003 .
as of december 31 , 2004 , the carrying amount and fair value of long-term obligations , including current portion , were $ 3.3 billion and $ 3.6 billion , respectively .
as of december 31 , 2003 , the carrying amount and fair value of long-term obligations , including current portion , were $ 3.4 billion and $ 3.6 billion , respectively .
fair values are based primarily on quoted market prices for those or similar instruments .
retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements .
under the plan , the company matching contribution for periods prior to june 30 , 2004 was 35% ( 35 % ) up to a maximum 5% ( 5 % ) of a participant 2019s contributions .
effective july 1 , 2004 , the plan was amended to increase the company match to 50% ( 50 % ) up to a maximum 6% ( 6 % ) of a participant 2019s contributions .
the company contributed approximately $ 533000 , $ 825000 and $ 979000 to the plan for the years ended december 31 , 2004 , 2003 and 2002 , respectively .
recent accounting pronouncements 2014in december 2004 , the fasb issued sfas no .
123r , which is a revision of sfas no .
123 , 201caccounting for stock-based compensation , 201d and supersedes apb no .
25 , accounting for .

Question: Analyse this data from a financial earnings document. as of december 31 , 2004 , what was the ratio of the the carrying amount to the fair value of long-term obligations
Choices:
1.09091
0.91667
-0.91667
55.83333
6.94444
Correct choice index: 1