DON'T FORGET THE EARNINGS POWER OF HAVING CASH . Short term rates have gone up over 3.00 % over the past year. This means that for every $1 Million in the cash account , it should be earning an addtional $30,000 per annum.For every $100 it is earning an additional $3 MILLION.If they have over $ 800 Million in cash. This would earn $24 MILLION before taxes per annum. Hopefully, the investment Department is on top of this. With good financial management, they could earn more if they went out to a year with investments. This translates into an increase in per share earnings of around $.05 per annum. I wonder if this is their ace in the hole. The higher the Fed increase rates, the better for CASH positions. We'll see.