non-fpic but still relocatable?

If I build a file w/o "-fpic", why does file(1) still say it's
"relocatable"?

rfhpc8133% cc -I. -fpic -c bla.c
rfhpc8133% file bla.o
bla.o: ELF 32-bit LSB relocatable, Intel 80386, version 1 (SYSV), not stripped
rfhpc8133% cc -I. -c bla.c
rfhpc8133% file bla.o
bla.o: ELF 32-bit LSB relocatable, Intel 80386, version 1 (SYSV), not stripped
                      ^^^^^^^^^^^

 - Hubert

P.S.: thats on 1.6.1

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