...out of 36 million shares out, or roughly 1/3 of the company. That leaves 24 million shares. At the current rate of insider buying over the last several months, and adding in the rate of buying for the corporate buyback, and figuring they'll keep buying at that rate all year (assuming the stock doesn't climb too dramatically), they will be expected to buy roughly 5 million shares over the next 12 months, or roughly 20% of the non-management held shares. There is no way this kind of buyback, over time, will not take the stock up. Plus, with the fantastic earnings we just saw, this thing is just primed to be AT LEAST 4x its current price, in 12 months. IMHO. Yes, they talked about pacings being down 18% in January, so, we are still going to see earnings weakness, but it is an ABSOLUTE TESTAMENT to the strength of the cash flows here, that they could have reduced debt by $140 M last year, and that the banks are LETTING them buy back stock. They are SITTING PRETTY, and ADDING VALUE, while we wait, by not only doing the things I mentioned, but also buy taking extraordinary gains on debt that is bought back at a discount. I CAN'T BELIEVE THIS STOCK IS AS CHEAP AS IT IS. PREMIER PLAYER IN THE RADIO INDUSTRY!!!!!