Peabody Energy Earnings Call Nuggets: Apples-to-Apples Basis for Ongoing EPS and Competitors’ Production Decisions
Apples-to-Apples Basis for Ongoing EPS
Shneur Gershuni – UBS Securities LLC: Just before I start my questions I was just hoping to get one clarification. There are a lot of moving parts in today’s press release and I understand you got to report on a GAAP basis and so forth, but when we think about it from an apples-to-apples basis on an operating EPS basis, Q3 versus Q4 and then you have the $48 impact, I kind of end-up with about $0.36 estimate for 4Q kind of an apples-to-apples basis for ongoing EPS. Is that a fair way to think about this quarter?
Michael C. Crews – EVP and CFO: Yeah, I think, that’s a fair way to look at it based on the way you would have been modeling. You would not have included any of these asset impairment or mine closure costs or these valuation allowance adjustments, so that math seems reasonable on an ongoing basis.
Shneur Gershuni – UBS Securities LLC: Just two quick questions here. Overall, you’re guiding into the low-80s for cost for 2013 in Australia and kind of the shape of the curve is that you’re expecting cost to improve throughout the year as you shift from – to owner-operator and so forth. Is there kind of a target – a year-end target or a (zip code) kind of where you expect to end up by the end of the year, is it still in the 80s or is it in the high-70s? So, I was wondering if you can give us a little bit more color on cost shape for this year for Australia.