Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Healy from North Coast Research.
John Healy - North Coast Research
My question is not so much on the press release and the earnings call, but I would like a little bit of color about the shelf registration. I was hoping that you guys could talk about the motivation behind that, maybe how you are thinking about using that, and maybe from a timing standpoint what we should expect?
Scott Thompson
First of all I am sure you probably know that when you file something with the SEC you can’t comment on that document until the SEC clears it, so I can’t comment on the document itself, but I can certainly talk about universal shelves in general and let me do that. We did file a universal shelf, by the way and a universal shelf is a document where you can issue debt or equity at sometime in the future. It allows management to access market in a more efficient manner. I would consider it to be normal for a business to have a shelf up. Quite frankly, I was surprised when I got here and found the Company did not have a shelf registration statement up. It is kind of like having a relationship with an investment banker, or commercial banker. It is really just part of good governance and keeping your access to the market open and keeping your flexibility open and I wouldn’t read anything more into particular filings than how I just described a universal shelf.
I would also point out that when you look at details, as Cliff mentioned in his notes, we have no corporate debt nor do we expect to have any net corporate debt during the peak. I think that is something that kind of ties into your question.
Our near-term debt maturities, which we talked about in detail numerous times on numerous calls, are clearly very manageable and really we don’t feel like we have a gun to our head. We have tangible net worth and we feel like we are in a decent position.
The last point I would make as it refers to your question John, is to look at the officer group. All of the officer groups have a significant equity stake in this company. I personally have a significant number of options and I have, quite frankly, purchased a significant number of shares with my own money. As an accountant, my background is I can compute dilution which I think is probably what is underlying the question, and our interests are aligned in the future as it goes to dilution.
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