Operator: Good day, ladies and gentlemen, and welcome to the MGIC First Quarter Earnings Conference Call. At this time, all lines are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, today's conference call is being recorded.
I would now like to turn the conference over to your host, Mike Zimmerman, Senior Vice President, Investor Relations. Please begin.
Mike Zimmerman - IR: Thanks, Shawn. Good morning and thank you for joining us this morning and for your interest in MGIC Investment Corporation. Joining me on the call today to discuss the results for the first quarter of 2012 are Chairman and CEO, Curt Culver; Executive Vice President and CFO, Mike Lauer; and Executive Vice President of Risk Management, Larry Pierzchalski.
I want to remind all participants that our earnings release of this morning, which may be accessed on MGIC's website, which is located at mtg.mgic.com under Investor Information, includes additional information about the Company's quarterly results that we will refer to during the call, and include certain non-GAAP financial measures. As we have indicated in this morning's press release, we have posted on our website the supplemental information containing characteristics of our primary risk in force and new flow insurance written.
During the course of this call, we may make comments about our expectations of the future. Actual results could differ materially from those contained in these forward-looking statements. Additional information about those factors that could cause actual results to differ materially from those discussed on the call are contained in the quarterly earnings release.
If the company makes any forward-looking statements, we are not undertaking obligation to update those statements in the future in light of subsequent developments. Further, no interested party should rely on the fact that such guidance or forward-looking statements are current at any time other than the time of this call or the issuance of the press release.
Now with that let me turn call over to Curt.
Curt S. Culver - Chairman and CEO: Thanks Mike. Good morning. As reflected by the net loss for the first quarter of $19.6 million or $0.10 a share, our company's capital position and financial results continue to be adversely affected by the lackluster economic recovery the country is experiencing, in particular the lack of a meaningful decline in a number of unemployed people.
We continue to monitor the macroeconomic environment but we spend most of our time focusing on those things we can control, namely underwriting quality, returns on our new business, loss mitigation, and operating expenses. Our main objective is and has been for some time now to continue to serve the housing market on an uninterrupted basis. To that end our strategy, which is the support of the OCI, Fannie Mae, and Freddie Mac allows new business to be written through a combination of MGIC and its subsidiary MIC.
As a result of the actions we have taken, we have not yet needed to implement this strategy, which has been in place for over two years because MGIC has been compliant with all regulatory capital requirements. However, as I've said in the past, we expect to begin to use MIC, which as of March 31 (had) approximately $430 million of capital, sometime in the second half of 2012 in states where MGIC would not be able to obtain a waiver of regulatory capital requirements. The exact timing of when is difficult to predict due to a variety of well discussed factors.