Operator: Good day. Welcome to Ares Capital Corporation's Earnings Conference Call. At this time, all participants are in listen-only mode. As a reminder, this conference is being recorded on Wednesday, February 27, 2013.
Comments made during the course of this conference call and webcast and the accompanying documents contain forward-looking statements and are subject to risks and uncertainties. Many of these forward-looking statements can be identified by the use of words such as, anticipates, believes, expects, intends, will, should, may, and similar expressions. The Company's actual results could differ materially from those expressed in the forward-looking statements for any reason, including those listed in the SEC filings. Ares Capital Corporation assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.
During this conference call, the Company may discuss core earnings per share or core EPS, which is a non-GAAP financial measure as defined by SEC Regulation G. Core EPS is the net per share for increase or decrease in stockholders' equity resulting from operations less realized and unrealized gains and losses, any incentive management fees attributable to such realized and unrealized gains and losses and any income taxes related to such realized gains.
A reconciliation of core EPS to the net per share increase or decrease in stockholders' equity resulting from operations, to most directly comparable GAAP financial measure can be found on the Company's website at www.arescapitalcorp.com. The Company believes that core EPS provides useful information to investors regarding financial performance because it is one method the Company uses to measure its financial condition and results of operations.
Certain information discussed in this presentation, including information relating to portfolio of companies, was derived from third-party sources and has not been independently verified, and accordingly, the Company makes no representation or warranty in respect of this information.
At this time, we would like to invite participants to access the accompanying Slide Presentation by going to the Company's website at www.arescapitalcorp.com, and clicking on the Q4 '12 earnings presentation link on the homepage of the Investor Relations section of the website. The Company will refer to this presentation later in the call. Ares Capital Corporation's earnings release and Form 10-K are also available on the Company's website.
I will now turn the call over to Mr. Michael Arougheti, Ares Capital Corporation's President.
Michael J. Arougheti - President: Great. Thank you, operator and good morning to everyone and thanks for joining us. This morning we reported strong earnings for the fourth quarter of 2012 capping off a great year for Ares Capital.
Fourth quarter basic and diluted core earnings per share were $0.45, a level which fully covered our $0.38 per share regular quarterly dividend. Fourth quarter earnings were driven primarily by strong interest and fee income and positive credit and investment performance across our portfolio.