Q4 2012 GAAP earnings of $114.0 million to $117.0 million, or $0.36 to $0.38 on a per diluted common share basis.
- That exceeds cost of dividends by some 33%. Seems adding 22% in shares with this SPO is not a problem to cover the additional dividend liabilities.
December 31, 2012 book value (shareholders' equity) of $7.28 to $7.30 per diluted common share.
- Shares are trading at more than 9% discount to book value. Much as it was a book value deal at $7.05, now it is even moreso given the 6.85 pps after hours.