diff --git a/cranelift/src/compile.rs b/cranelift/src/compile.rs
index 2db5d21f85..f9f718685d 100644
--- a/cranelift/src/compile.rs
+++ b/cranelift/src/compile.rs
@@ -2,18 +2,12 @@
 //!
 //! Reads IR files into Cretonne IL and compiles it.
 
-use cton_reader::{parse_options, Location, parse_functions};
+use cton_reader::parse_functions;
 use std::path::PathBuf;
 use cretonne::Context;
-use cretonne::settings::{self, FlagsOrIsa};
-use cretonne::isa::{self, TargetIsa};
+use cretonne::settings::FlagsOrIsa;
 use std::path::Path;
-use utils::{pretty_error, read_to_string};
-
-enum OwnedFlagsOrIsa {
-    Flags(settings::Flags),
-    Isa(Box<TargetIsa>),
-}
+use utils::{pretty_error, read_to_string, parse_sets_and_isa};
 
 pub fn run(
     files: Vec<String>,
@@ -21,33 +15,12 @@ pub fn run(
     flag_set: Vec<String>,
     flag_isa: String,
 ) -> Result<(), String> {
-    let mut flag_builder = settings::builder();
-    parse_options(
-        flag_set.iter().map(|x| x.as_str()),
-        &mut flag_builder,
-        &Location { line_number: 0 },
-    ).map_err(|err| err.to_string())?;
-
-    let mut words = flag_isa.trim().split_whitespace();
-    // Look for `isa foo`.
-    let owned_fisa = if let Some(isa_name) = words.next() {
-        let isa_builder = isa::lookup(isa_name).map_err(|err| match err {
-            isa::LookupError::Unknown => format!("unknown ISA '{}'", isa_name),
-            isa::LookupError::Unsupported => format!("support for ISA '{}' not enabled", isa_name),
-        })?;
-        OwnedFlagsOrIsa::Isa(isa_builder.finish(settings::Flags::new(&flag_builder)))
-    } else {
-        OwnedFlagsOrIsa::Flags(settings::Flags::new(&flag_builder))
-    };
-    let fisa = match owned_fisa {
-        OwnedFlagsOrIsa::Flags(ref flags) => FlagsOrIsa::from(flags),
-        OwnedFlagsOrIsa::Isa(ref isa) => FlagsOrIsa::from(&**isa),
-    };
+    let parsed = parse_sets_and_isa(flag_set, flag_isa)?;
 
     for filename in files {
         let path = Path::new(&filename);
         let name = String::from(path.as_os_str().to_string_lossy());
-        handle_module(flag_print, path.to_path_buf(), name, &fisa)?;
+        handle_module(flag_print, path.to_path_buf(), name, parsed.as_fisa())?;
     }
     Ok(())
 }
@@ -56,7 +29,7 @@ fn handle_module(
     flag_print: bool,
     path: PathBuf,
     name: String,
-    fisa: &FlagsOrIsa,
+    fisa: FlagsOrIsa,
 ) -> Result<(), String> {
     let buffer = read_to_string(&path).map_err(
         |e| format!("{}: {}", name, e),
diff --git a/cranelift/src/utils.rs b/cranelift/src/utils.rs
index a5f9940eb4..6a962d04f7 100644
--- a/cranelift/src/utils.rs
+++ b/cranelift/src/utils.rs
@@ -4,13 +4,16 @@ use cretonne::ir::entities::AnyEntity;
 use cretonne::{ir, verifier};
 use cretonne::result::CtonError;
 use cretonne::isa::TargetIsa;
+use cretonne::settings::{self, FlagsOrIsa};
+use cretonne::isa;
+use cton_reader::{parse_options, Location};
 use std::fmt::Write;
 use std::fs::File;
-use std::io::{Result, Read};
+use std::io::{self, Read};
 use std::path::Path;
 
 /// Read an entire file into a string.
-pub fn read_to_string<P: AsRef<Path>>(path: P) -> Result<String> {
+pub fn read_to_string<P: AsRef<Path>>(path: P) -> io::Result<String> {
     let mut file = File::open(path)?;
     let mut buffer = String::new();
     file.read_to_string(&mut buffer)?;
@@ -62,6 +65,49 @@ pub fn pretty_error(func: &ir::Function, isa: Option<&TargetIsa>, err: CtonError
     }
 }
 
+/// Like FlagsOrIsa, but holds ownership.
+pub enum OwnedFlagsOrIsa {
+    Flags(settings::Flags),
+    Isa(Box<TargetIsa>),
+}
+
+impl OwnedFlagsOrIsa {
+    /// Produce a FlagsOrIsa reference.
+    pub fn as_fisa(&self) -> FlagsOrIsa {
+        match *self {
+            OwnedFlagsOrIsa::Flags(ref flags) => FlagsOrIsa::from(flags),
+            OwnedFlagsOrIsa::Isa(ref isa) => FlagsOrIsa::from(&**isa),
+        }
+    }
+}
+
+/// Parse "set" and "isa" commands.
+pub fn parse_sets_and_isa(
+    flag_set: Vec<String>,
+    flag_isa: String,
+) -> Result<OwnedFlagsOrIsa, String> {
+    let mut flag_builder = settings::builder();
+    parse_options(
+        flag_set.iter().map(|x| x.as_str()),
+        &mut flag_builder,
+        &Location { line_number: 0 },
+    ).map_err(|err| err.to_string())?;
+
+    let mut words = flag_isa.trim().split_whitespace();
+    // Look for `isa foo`.
+    if let Some(isa_name) = words.next() {
+        let isa_builder = isa::lookup(isa_name).map_err(|err| match err {
+            isa::LookupError::Unknown => format!("unknown ISA '{}'", isa_name),
+            isa::LookupError::Unsupported => format!("support for ISA '{}' not enabled", isa_name),
+        })?;
+        Ok(OwnedFlagsOrIsa::Isa(
+            isa_builder.finish(settings::Flags::new(&flag_builder)),
+        ))
+    } else {
+        Ok(OwnedFlagsOrIsa::Flags(settings::Flags::new(&flag_builder)))
+    }
+}
+
 #[test]
 fn test_match_directive() {
     assert_eq!(match_directive("; foo: bar  ", "foo:"), Some("bar"));
diff --git a/cranelift/src/wasm.rs b/cranelift/src/wasm.rs
index 81331faa40..460d4280f5 100644
--- a/cranelift/src/wasm.rs
+++ b/cranelift/src/wasm.rs
@@ -5,11 +5,9 @@
 //! and tables, then emitting the translated code with hardcoded addresses to memory.
 
 use cton_wasm::{translate_module, DummyRuntime, WasmRuntime};
-use cton_reader::{parse_options, Location};
 use std::path::PathBuf;
 use cretonne::Context;
-use cretonne::settings::{self, FlagsOrIsa};
-use cretonne::isa::{self, TargetIsa};
+use cretonne::settings::FlagsOrIsa;
 use std::fs::File;
 use std::error::Error;
 use std::io;
@@ -18,7 +16,7 @@ use std::path::Path;
 use std::process::Command;
 use tempdir::TempDir;
 use term;
-use utils::{pretty_verifier_error, pretty_error};
+use utils::{pretty_verifier_error, pretty_error, parse_sets_and_isa};
 
 macro_rules! vprintln {
     ($x: expr, $($tts:tt)*) => {
@@ -43,11 +41,6 @@ fn read_wasm_file(path: PathBuf) -> Result<Vec<u8>, io::Error> {
     Ok(buf)
 }
 
-enum OwnedFlagsOrIsa {
-    Flags(settings::Flags),
-    Isa(Box<TargetIsa>),
-}
-
 pub fn run(
     files: Vec<String>,
     flag_verbose: bool,
@@ -57,28 +50,7 @@ pub fn run(
     flag_set: Vec<String>,
     flag_isa: String,
 ) -> Result<(), String> {
-    let mut flag_builder = settings::builder();
-    parse_options(
-        flag_set.iter().map(|x| x.as_str()),
-        &mut flag_builder,
-        &Location { line_number: 0 },
-    ).map_err(|err| err.to_string())?;
-
-    let mut words = flag_isa.trim().split_whitespace();
-    // Look for `isa foo`.
-    let owned_fisa = if let Some(isa_name) = words.next() {
-        let isa_builder = isa::lookup(isa_name).map_err(|err| match err {
-            isa::LookupError::Unknown => format!("unknown ISA '{}'", isa_name),
-            isa::LookupError::Unsupported => format!("support for ISA '{}' not enabled", isa_name),
-        })?;
-        OwnedFlagsOrIsa::Isa(isa_builder.finish(settings::Flags::new(&flag_builder)))
-    } else {
-        OwnedFlagsOrIsa::Flags(settings::Flags::new(&flag_builder))
-    };
-    let fisa = match owned_fisa {
-        OwnedFlagsOrIsa::Flags(ref flags) => FlagsOrIsa::from(flags),
-        OwnedFlagsOrIsa::Isa(ref isa) => FlagsOrIsa::from(&**isa),
-    };
+    let parsed = parse_sets_and_isa(flag_set, flag_isa)?;
 
     for filename in files {
         let path = Path::new(&filename);
@@ -90,7 +62,7 @@ pub fn run(
             flag_print,
             path.to_path_buf(),
             name,
-            &fisa,
+            parsed.as_fisa(),
         )?;
     }
     Ok(())
@@ -103,7 +75,7 @@ fn handle_module(
     flag_print: bool,
     path: PathBuf,
     name: String,
-    fisa: &FlagsOrIsa,
+    fisa: FlagsOrIsa,
 ) -> Result<(), String> {
     let mut terminal = term::stdout().unwrap();
     terminal.fg(term::color::YELLOW).unwrap();
@@ -170,7 +142,7 @@ fn handle_module(
         let mut context = Context::new();
         context.func = func.clone();
         if flag_check_translation {
-            context.verify(*fisa).map_err(|err| {
+            context.verify(fisa).map_err(|err| {
                 pretty_verifier_error(&context.func, fisa.isa, err)
             })?;
             continue;