Operating ExpensesThird-quarter operating expenses were $244 million in 2012, down from $285 million in the year-ago quarter. Funding and Liquidity During third-quarter 2012, the company issued $2.6 billion in FFELP asset-backed securities (ABS), $640 million in private education loan ABS, and $800 million of unsecured bonds. Shareholder Distributions In third-quarter 2012, Sallie Mae paid a common stock dividend of $0.125 per share and repurchased 7.6 million shares of common stock for $121 million. Year-to-date Sept. 30, 2012, Sallie Mae has repurchased 48.2 million common shares for $730 million. At Sept. 30, 2012, $170 million was available for additional common share repurchases. Guidance The company expects 2012 results to be as follows:
- Full-year 2012 private education loan originations of at least $3.2 billion.
- Fully diluted 2012 core earnings per share of $2.15.