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Hi Hewitt,

Paul helped me nail down the exercise and I was able to replicate his BWLD example.
http://tinyurl.com/3a6jaw
http://tinyurl.com/2w6mhy

Anyways....I notice you can get your book value yourself from the latest SEC filing balance sheet:

Total Stockholder's Equity divided by shares issued (from Paul's BWLD ex.)

96848/8616 = $11.24


Why are we using the "issued" shares in the balance sheets "issued and outstanding respectively" line (which was 8776 instead of the 8616)? It doesn't have to be the BWLD example...just any in general. Which is the correct share amount to use to derive the book value?


Lastly....:

If BWLD or another business we apply this to had "preferred stock" (BWLD does not)...would you subtract the preferred stock dollar amount from
the total stockholder's equity before dividing by the shares?

Anyone can help and I would appreciate it!

mpfd
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