Yes, but the ARS is very illiquid. They have been slowly reducing the non-USB settlement ARS securities over the past two years. I've been pretty pleased with their progress. I think they converted about $35M in the past 12 months. This will probably continue to be gradually reduced over time. If so, the cash will continue to gradually grow and I expect the company to either use it to fund additional stock buybacks or another "special dividend".
The cash received from the UBS ARS settlement was used to help fund the $1 per share dividend on 86+/- million shares in 2010. This UBS settlement is explained in more detail in the past SEC filings. UBS agreed to buy back about $70M of ARS that it had originally sold to Bebe no later than June 2010.
To be conservative, I only count the actual cash per share of $2.15 per share. The other $.90+/- per share of ARS is a bonus if it can eventually be converted to cash. It just won't happen right away.