diff --git a/README.md b/README.md
index dcdd4b6..c0399e1 100644
--- a/README.md
+++ b/README.md
@@ -69,6 +69,11 @@ based on asmSelect - Alternate Select Multiple by Ryan Cramer
   * Keeps original select multiple visible so that you can monitor live changes made to it when debugging.
   * Default: false
 
+* extractLabel:
+
+  * A function to compute the list element name from the option object
+  * Default: extract the option html
+
 ### Text Labels ###
 
 * title
@@ -141,6 +146,7 @@ github latest:
   * support for optgroup
   * ability to set the default select title via the configuration
   * make the original label point to the new select
+  * ability to customize the way list label gets extracted from the option
 
 2010-07-02:
 
diff --git a/examples/index.html b/examples/index.html
index c6cdf64..7d0070e 100644
--- a/examples/index.html
+++ b/examples/index.html
@@ -100,7 +100,8 @@
         listClass: 'bsmList-custom',                   // Class for the list ($ol)
         listItemClass: 'bsmListItem-custom',           // Class for the <li> list items
         listItemLabelClass: 'bsmListItemLabel-custom', // Class for the label text that appears in list items
-        removeClass: 'bsmListItemRemove-custom'        // Class given to the "remove" link
+        removeClass: 'bsmListItemRemove-custom',       // Class given to the "remove" link
+        extractLabel: function($o) {return ">>" + $o.html();}
       });
 
     });
@@ -207,6 +208,7 @@ <h3>Execizing the features added over asmSelect</h3>
     <li>Custom effects</li>
     <li>Option groups</li>
     <li>Setting the title in the configuration</li>
+    <li>Customize the way list element labels get extracted</li>
   </ul>
 
   <form action="./example_results.php" method="post">
diff --git a/jquery.bsmselect.js b/jquery.bsmselect.js
index e07bddd..5fe46cc 100644
--- a/jquery.bsmselect.js
+++ b/jquery.bsmselect.js
@@ -14,6 +14,7 @@
  *    - support for optgroup
  *    - ability to set the default select title via the configuration
  *    - make the original label point to the new select
+ *    - ability to customize the way list label gets extracted from the option
  *   v1.0 - 2010-07-02:
  *    - initial release
  *
@@ -224,7 +225,7 @@
 
     var $itemLabel = $("<span>", {
       "class": conf.listItemLabelClass,
-      html: $O.html()
+      html: conf.extractLabel($O, conf)
     });
 
     var $item = $("<li>", {
@@ -357,6 +358,7 @@
       removeLabel: 'remove',                      // Text used in the "remove" link
       highlightAddedLabel: 'Added: ',             // Text that precedes highlight of added item
       highlightRemovedLabel: 'Removed: ',         // Text that precedes highlight of removed item
+      extractLabel: function($option) { return $option.html(); },
 
       containerClass: 'bsmContainer',             // Class for container that wraps this widget
       selectClass: 'bsmSelect',                   // Class for the newly created <select>