### Comment:
Even so, a $1.50 descrepency is quite significant. It's 5% of shares outstanding shares. Also, a lower share count would mean lower cash reserves, which lowers book value proportionally.

### REPLY:
Agreed but it's plausible that this is how it happens. 
  
 Shares bought back would be converted to treasury shares. Those treasury shares are not technically retired yet but would count as zero value. I can see how it may not be legal for them to delete those shares in the same quarter they were bought back to keep the process more transparent.

### END.