This case study explores the utility of Expectancy Value Theory (EVT) as a framework for studying elementary teachers' beliefs and motivations with respect to reformed mathematics instruction. A model for coding and evaluating qualitative data using EVT is proposed and illustrated using interviews with three primary school teachers in an urban school district in the United States. Results from the study indicate that anticipated costs associated with reform instruction, including not covering required content and not meeting district benchmarks, function as strong inhibitors to reform, even among teachers who value reform instruction, who exhibit a strong sense of self-efficacy, and who believe in their students' capacities to succeed with reform-oriented instruction.