Don't forget the amortization impact on eps. I did not take that into account before - about $10 million increase in quarterly amortization. Including amortization I'm looking at 1.5 to 2 cent eps increase in 2nd qtr. from crump before acquisition charges.
To calculate an irr on a pretax basis while the textbook definition is aftertax would violate basic principles of honesty and fairness and bbt core values. I know Kelly King would never do something like this. King got crump at a good value and I believe it spins off cash in excess of 15% annually.
And yes, the valuation allowance charge-offs are still vividly in my mind but who in the world could project that land values would drop close to nothing? Besides King's back end approach minimized shareholder dilution.