Operator: Welcome to the Capital One Second Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. Thank you.
I would now like to turn the conference over to Mr. Jeff Norris, Senior Vice President of Global Finance. Sir, you may begin.
Jeff Norris - SVP, IR: Thanks very much, Michael. Welcome everybody to tonight's earnings conference call. As usual, we are webcasting live over the Internet. To access the call on the Internet, please log on to Capital One's website at capitalone.com, and follow the links from there.
In addition to the press release and the financials, we've included a presentation that summarizes our second quarter 2013 results. With me tonight are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr. Steve Crawford, Capital One's Chief Financial Officer. Rich and Steve will walk you through this presentation. To access a copy of the presentation and press release, please go to Capital One's website, click on Investors, then click on Quarterly Earnings Release.
Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance and any forward-looking statements contained in today's discussion and the materials speak only as of the particular date or dates indicated in the materials.
Capital One does not undertake any obligation to update or revise any of this information, whether as a result of new information, future events or otherwise. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements. For more information on these factors, please see the section titled, Forward-Looking Information in the earnings release presentation and the Risk Factors section in our annual and quarterly reports, accessible at the Capital One website and filed with the SEC.
Now, I'll turn the call over to Mr. Crawford. Steve?
Stephen S. Crawford - CFO: Thanks Jeff. Let me start out on Slide 3 with a quick review of earnings for the second quarter. We had net income of $1.1 billion or $1.87 per share which was up 4% in the first quarter. Pre-provision earnings before tax were $2.6 billion, up about 2% from the first quarter.
I want to clear three items that are worth calling out in the quarter relative to operating trends. The first you'll see on Slide 3, provision expenses are lower by about $120 million. The change versus linked quarter is really driven by lower charge-offs. We also had nearly a $200 million allowance release in provision which is consistent with what happened in the first quarter. Rich will spend more time on credit in his remarks.
We also had a $183 million pretax charge in the quarter for rep and warranty. As we disclosed last quarter, there was a – the effects of moving Best Buy to held-for-sale, which favorably impacts pretax earnings by about $123 million.
To clear a question I'm sure will be asked later, I want to talk about prior guidance. We talked in the past about pre-provision earnings of approximately $10 billion excluding extraordinary items. We still believe we will achieve that with any reasonable margin of error.