As a crank arm loosens off its tapered steel bottom bracket axle, the wiggle room allows the square taper hole to become misshapen. This happens over very little time as the crank arm is made of softer aluminum that the harder steel bottom bracket spindle. Depending on how long you have ridden with it loose, typically determines how misshapen the hole becomes. Tony, if the arm was loose only for your ride I wouldn't worry about it but if it was loose for a week, but you only noticed it that morning, there could be a problem. The only way to know is tighten the crank bolt and see what happens. If you tighten it and it becomes loose again, time to replace the crank arm.
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