"During the second quarter the Company repurchased 2,399,601 common shares at an average price of $20.14 per share ($48 million). Thus far in the third quarter (through July 25, 2012), the Company has repurchased a further 582,735 common shares at an average price of $21.28 per share ($12 million"
3rd Qrt Book is over 26 per share but we we will show a large loss this qrt due to hurricane Sandy. My guess is that our book value will drop to about 25 per share but we'll know a lot more in the next few weeks.
"During the third quarter the Company repurchased 1,041,850 common shares at an average price of $21.11 per share ($22 million). Year-to-date, the Company has repurchased 5,391,589 shares at an average price of $19.97 per share ($108 million."
They now only have 58.15 million shares outstanding and they're buying back over 2 million shares a quarter. When you're able to buy back shares at a 25% discount to book value it dramatically enhances the growth of their book value. In ten years this company could be worth $2 billion but it may only have 10 million shares remaining outstanding. If it still traded at a 25% discount to book it would put our stock price at 150.