Operator: Good morning. My name is Laura and I will be your conference operator today. At this time, I'd like to welcome everyone to the Sprint 2012 Fourth Quarter Earnings Results. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.
I would not turn the call over to Mr. Brad Hampton, Vice President of Investor Relations. Sir, please go ahead.
Brad Hampton - IR: Thank you, Laura. Good morning everyone and welcome to Sprint's fourth quarter 2012 earnings call. On today's call, Dan Hesse will discuss operational performance in the quarter; Steve Elfman will provide an update on Network Vision; and Joe Euteneuer will cover financial results. After that we will open up the call to your questions.
However, due to securities law issues relating to the pending transaction, we will only address questions related to the ongoing business and not with respect to the pending SoftBank or Clearwire transactions. We appreciate your understanding and cooperation regarding this issue.
Before we get underway, let me remind you that our release and the presentation slides that accompany this call are both available on the Investor Relations page of the Sprint website.
Slide 2 is our cautionary statement. I do want to point out that in our remarks this morning, we will be discussing forward-looking information, which involves a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. We provide a comprehensive list of risk factors in our SEC filings, which I encourage you to review, including our Annual Report on Form 10-K for the year ended December 2011, our Quarterly Report on form 10-Q for the quarter ended September 30, 2012 and when filed our Annual Report on Form 10-K for the year ended December 31, 2012.
Turning to Slide 3, throughout our call we will refer to several non-GAAP metrics. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures for the fourth quarter can be found in the attachments to our earnings release and also at the end of today's presentation, which are available on our website at www.sprint.com/investors.
Let’s move on to earnings per share on Slide 4; basic and diluted net loss per common share for the fourth quarter were $0.44 compared to $0.26 in the third quarter and $0.43 in the year ago period. Basic and diluted net loss per common share for the full year 2012 was $1.44 compared to $0.96 in the full year 2011.
There were a couple of noteworthy items impacting EPS this quarter that I’d like to cover. First, the loss per share in the current period included incremental depreciation expense of approximately $400 million, or negative $0.13 per share on a pre-tax basis, primarily due to accelerated depreciation expense related to the expected shutdown of the Nextel platform.
Accelerated depreciation for the full year 2012 was approximately $2.1 billion or negative $0.72 per share on a pre-tax basis. We continue to expect higher levels of accelerated depreciation in the first half of 2013, due to the Nextel platform becoming fully depreciated by the middle of 2013.