Operator: Good morning and welcome to the American Capital Fourth Quarter 2012 Shareholders Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.
I would now like to turn the conference over to Pete Deoudes, Investor Relations. Please go ahead.
Pete Deoudes - Director, Equity Capital Markets: Thank you, Laura. Thank you, everyone for joining American Capital's fourth quarter 2012 earnings call. Before we begin the call, I'd like to review the Safe Harbor statement. This conference call and corresponding slide presentation contains statements that to the extent they are not resuscitations of historical facts, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. Actual outcomes and results could differ materially from those forecast due to the impact of many factors beyond the control of American Capital. All forward-looking statements included in this presentation are made only as of the date of this presentation and are subject to change without notice.
Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our periodic reports filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov. We disclaim any obligation to update our forward-looking statements unless required by law. An archive of this presentation will be available on our website, and the telephone recording can be accessed through February 26th by dialing 877-344-7529. The replay passcode is 10024416.
To view the Q4 slide presentation that corresponds with this call, please turn to our website at www.americancapital.com and click on the Q4, 2012 earnings presentation link in the upper right-hand corner of the homepage. Please select the webcast option for both slides and audio or click on the link in the conference call section to view the streaming slide presentation during the call.
Participating on today's call are Malon Wilkus, Chairman and Chief Executive Officer; John Erickson, President, Structured Finance and Chief Financial Officer; Gordon O'Brien, President, Specialty Finance and Operations; Sam Flax, Executive Vice President and General Counsel; Rich Konzmann, Senior Vice President, Accounting and Reporting; and Tom McHale, Senior Vice President of Finance.
With that, I'll turn the call over to Malon.
Malon Wilkus - Chairman and CEO: Thanks, Pete and thanks everyone for taking the time to join us today. The fourth quarter of 2012 capped an excellent year for American Capital. A high level review of the year shows that net operating income totaled $397 million.
American Capital Asset Management appreciated $329 million. Previously, depreciated assets recovered approximately $325 million of net value, and the net value of our remaining portfolio of private finance companies grew by approximately $75 million. This adds up to $1.1 billion in net earnings or $3.44 per diluted share, a 22% return on equity. These earnings were 14% higher than our prior best in 2010.