induct regression in gcc 4.3.1

[Jack Howarth]

     While generating .s files for induct.f90, I discovered that
when I compile...

gfortran -fassociative-math -fno-signed-zeros -O3 induct.f90

or

gfortran -fassociative-math -fno-trapping-math -O3 induct.f90

I get the warning...

f951: warning: -fassociative-math disabled; other options take precedence

Only...

gfortran -fassociative-math -fno-signed-zeros -fno-trapping-math -O3 induct.f90

inhibits this message. This strongly suggests that the -fassociative-math 
(which is only active in concert with -fno-signed-zeros -fno-trapping-math)
is the cause of the performance regression in the code generated for
induct.f90 for gcc 4.3.1 on Macintel.
                     Jack