Don't confuse the $3 dollar estimate with recurring earnings. There is an $80M gain from the sale of WHC's half of the UK facility that is pushing up the earnings for 2003.
However, recurring earnings in 2004 and hopefully beyond will approach $2 or be higher - that should make WHC at least a $30 equity.
The "old" high for WHC was in the 40s several years ago - what is amusing is that the company was only earning in the area of $0.50 per share at that time and carried a P/E of around 70 or 80.