Question-and-Answer Session
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One moment please, gentlemen, for the first question.
Our first question comes from the line of Rick Weinhart with BMO Capital Markets. Please go ahead, Sir.
Rick Weinhart - BMO Capital Markets
Good morning, Stuart. Good morning, Doug. A couple of questions. First, on the stock buyback program you had significant uptake in the volume of your stock recently. I think regulations should allow you, if you choose to, to be a little bit more aggressive in buying back your stock through open market purchases. I’m just wondering what your thoughts are now on the stock buyback given the amount of cash you have got and the kind of window of opportunity you might have here?
Stuart Rose
At this point and time we still have, Doug correct me if I’m wrong, about 200,000 shares outstanding on the old buyback. We buy our stock like everything else. If there is an opportunistic place to?we don’t just buy it arbitrarily because we can, we buy it to support what we consider basically ridiculously low levels. So that is what we have historically done. So I would not?we have some authorization left over and as you have pointed out very, very clearly we have plenty of money to do another authorization should the board choose to do one.
Rick Weinhart - BMO Capital Markets
I think historically you have talked about a good value price for the stock and you have looked at book value, you’ve looked at market value of your assets?on all those relative bases the stock still trades at a discount. Is there any reason to suggest that you don’t think this is a good value price even at $15 or $20?
Stuart Rose
No there is not.
Rick Weinhart - BMO Capital Markets
Okay. Moving on I have one question in the results for the fourth quarter. This finance chart, or unrealized loss on financial instrument I believe. Doug can you just clarify what that is for us?
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