Question-and-Answer Session
Operator
(Operator Instructions). We'll go to our first question John Gwen (ph), JVG Research.
Unidentified Analyst
Pat, I think you said that the development for '08 was 17 million, is that correct?
G. Patrick Corydon
That's correct.
Unidentified Analyst
Okay. What was it for the quarter?
G. Patrick Corydon
For the quarter it was close to 10 million, John.
Unidentified Analyst
Okay. And Pat, on your realized investment losses of the GAAP and is that amounts including OTT are basically the same?
G. Patrick Corydon
No, actually the statutory accounting is wholly different from the GAAP accounting. If -- I don't know if we've discussed this much before but on a statutory basis, while everything is benchmarked off of current fair value, not all of the unrealized losses run through the income statement, but they are balance sheet adjustments.
Unidentified Analyst
Okay. So it's less impact on a stat basis then?
G. Patrick Corydon
Absolutely.
Unidentified Analyst
Okay. And, Pat your short-term debt was up a bit again this quarter, could you just comment briefly on that?
G. Patrick Corydon
You might know there's a correlation, we borrow the total of $9 million John, and we bought back $8.9 million of treasury stocks.
Unidentified Analyst
Okay.
G. Patrick Corydon
So that's the reason.
Unidentified Analyst
Okay. And Gary, I know in your traditional transportation business, your premium revenues are function of miles driven, is that also true for the independent contractor book, or Joe whoever?
Gary Wayne Miller
Yes, to some extent it is and I'll give you a quantify just on that. Certain of the coverages are based on the earnings of the independent contractor and therefore would reflect his revenue or and that would also reflect his miles driven. But part of the coverages for the independent contractor are on either per unit or value basis and that would not be a reflection of either miles or economic activity.
Unidentified Analyst
Okay. Thanks, that's all I have.
Operator
(Operator Instructions). It appears there are no further questions at this time. Mr. Miller I'd like to turn the conference back over to you for any additional or closing comments.
Gary Wayne Miller
We thank you very much for joining us this morning and we look forward to another quarter hopefully with better overall economic activity in the country and we'll see you in three months.
Operator
This concludes today's conference. We thank you for your participation. You may now disconnect. Have a wonderful day.
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