AM paid $53M in interest expense to maintain $225M of long term debt in 2011. $31M of the $53M interest expense was to extend the maturity of the bonds from 2016 to 2021. WHY? AM does not need this debt. 1. $31M should not have been paid to extend the bond life. Waste of money. 2. Instead of purchasing $82M of treasury stock the debt should have been retired. 3. By using the $132M cash on hand, the $82M stock buyback cash and the $53M interest paid the whole bond debt could have been retired with change in your pocket to increase the dividend. 5. With $53M less interest pretax earning would have increased over 50% from $97M to $150M. 6. What a WASTE!