Question-and-Answer Session
Operator
Thank you, sir. (Operator Instructions) Your first question comes from Patrick Scholes - Friedman, Billings, Ramsey.
Patrick Scholes - Friedman, Billings, Ramsey
I don't know if you mentioned in your prepared remarks, so far in the first quarter this year have you made any share repurchases?
Monty Bennett
We have made share repurchases. We just haven't disclosed the details of it. But I can tell you that our inclination for share repurchases is more measured than in the fourth quarter. The fourth quarter there was a temporary restriction lifted by the SEC where you could buy more than 25% of your share count on a daily basis which we took advantage of and that doesn't exist anymore. Also our inclination is just to buy shares more slowly.
Patrick Scholes - Friedman, Billings, Ramsey
I wonder if you could shed some light on what your LIBOR expectations are for the remainder of the year and for 2010?
Monty Bennett
My expectation is that LIBOR's going to be low low for quite some time. As I think Fed Chairman Bernanke has - his direct quote is, "for some extended period of time," or something like that.
The only fluctuation that may occur is the difference that had the merge between the fed funds rates, which I expect to be low, and LIBOR, which is the perceived health or the opposite of these banks that are out there. And if you noticed, 30-day LIBOR has crept up over the past month or so as the question of the banks has come up.
So it might spike here or there as fears about the banks get elevated and then come back down, but generally we expect it to be quite low for some time.
Patrick Scholes - Friedman, Billings, Ramsey
One last question has to do with your fourth quarter results. I saw that other general and administrative was down substantially year-over-year. Is the $2.1 million a fair run rate to use going forward?
David Kimichik
Yes, it's a good number. We're budgeting actually down about 5% for A&G year-over-year, so that's a pretty good number.
Patrick Scholes - Friedman, Billings, Ramsey
And I guess just a little bit more color on the year-over-year dramatic drop off. Was that mostly just a little bit more color on what drove that down.
David Kimichik
We had some accruals that we had throughout the year that didn't materialize, so we just wrote those off.
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