First of all I want to thank you all for your help.... I believe I have figured the RCTIME command out well enough that I have a fairly accurate distance measurement.

Here is the section of my code. The only problem that I have is the fact that you can't use floats in Microcode studio, or if you can I don't know how. So some parts of my calculations may seem awkward but it will work right once finished.

CHECK_RANGE:
FOR B = 1 TO 50
SPEED_OF_SOUND = 1126 'Speed of sound at 68 degrees F is 1125.79ft/s
DEFINE PULSIN_MAX 4000 'Limits the count to an equivalent of about 8ms
HIGH PORTB.0 'Used to drive a 555 timer which generates 40khz signal
RCTIME PORTB.1, 1, RETURN_TIME 'How long before pin changes logic?
RETURN_TIME = RETURN_TIME * 2 'Calculates total microseconds
SPEED_OF_SOUND = SPEED_OF_SOUND * 12
DISTANCE = (SPEED_OF_SOUND * (RETURN_TIME / 1000 / 1000)) / 2
LCDOUT $FE, 1
LCDOUT $FE, 2
LCDOUT $FE, $0C
LCDOUT "DISTANCE IS ", DISTANCE, "IN" '2 x 16 LCD Display by the way
PAUSE 500
NEXT B
RETURN

Now, by my calculations, using a 20MHz clock makes the resolution of the RCTIME command 2us. So by saying (return_time * 2), this multiplies the count returned by 2 us. At max range it would be 4000 * 2 or 8000us. Then, I want to measure the distance in inches so I multiply the speed of sound variable by 12 to convert to inches. Then for the distance calculation, and this is where my problem is. I cannot store a float in a variable, instead the result of the calculation will be stored with everything after the decimal cut off. But I can deal with that for now. I would like to know if it is possible to get the right side of the decimal stored into a variable though. So, at max range of 4000 counts, (13512 inches * (8000us/1000/1000 'to convert to seconds')) / 2 'cut the amount of time in half' = 54.048 inches to target. However, only 54 will be stored in the distance variable at the current time. So my range I think would show 0 inches to 54 inches. I don't intend to let the robot get close enough to return a number as low as 0 though. As for pictures, I will post some as soon as I can. Again, thank you all for your help and feel free to double check my work above.