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Subject:  Re: Understandiing Book Value Per Share Date:  8/2/2011  6:55 PM
Author:  TMFSandman Number:  2158 of 2238

Here's the latest 10Q for UAN:

Looks like total partners' capital is $423,546,000. UAN is a limited partnership so shareholder equity is called total partners' capital in the financial statements. In the same 10Q they say that there were 73 million common units outstanding. So I'd calculate book value per share at $5.80.

Looks like Yahoo Finance has the share count right but I'm guessing their book value is off. They state the price to book ratio is 1.73 and with a market cap of $1.7 billion there's no number on the balance sheet you can use for book value that will get you anywhere near 1.73. You'd need a book value of around $1 billion to get a ratio like that.

So I don't know how Yahoo Finance is calculating it but sites like these do tend to have lots of errors in them. Best just to calculate them off the company's financial statements.

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