Well, it seems to me that the misses are all for worthwhile items. Retirement of convertible debt is a worthy cause, etc. Ignore the one time items and look at the "repeatable" items. It seems to me that is what the market is doing and that makes sense.
That is not the point. Management should make clear well in advance about earnings prospects so they protect their investors. They cannot be trusted and if you believe for a minute they did not know all I can say is these people depend on the naive so they can keep rewarding themselves.
Dexter - try reading the Investor presentations, and listening to the earnings calls. The current strategy, and near term earnings lumpiness impact, has been clearly stated and telegraphed for over a year.
“Three items reduced net income in the fourth quarter by $0.09 per share, including a loss on extinguishment of debt of $5 million; severance costs of $5 million; and a non-cash tax expense of $14 million resulting primarily from a decrease in deferred tax assets at CapitalSource Bank.