Selling, General, Administrative and OtherSelling, general, administrative and other expenses decreased 1.1% to $87 million compared to $88 million in 2011. The Company is now targeting a 3% to 4% increase for the full year. Capital Gross capital spending during the quarter included approximately $37 million of maintenance capital and $78 million of development capital. Asset Sales During the quarter, the Company completed the sales of two wholly-owned hotels, the W Chicago - Lakeshore and W Los Angeles - Westwood, for cash proceeds of approximately $244 million. These hotels were sold subject to long-term management contracts. Timeshare Securitization On October 24, 2012, the Company completed a securitization involving the issuance of $165.7 million of fixed rate notes. Starwood is contributing approximately $174.4 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 2.02%. The proceeds from the transaction will be used for general corporate purposes and the pay down of the securitized vacation ownership debt related to its 2005 securitization. Dividend The Board of Directors has declared the Company’s annual cash dividend of $1.25 per share, an increase of 150% from the prior year. The dividend will be paid on December 28, 2012 to shareholders of record on December 14, 2012. Share Repurchase In the third quarter of 2012, the Company repurchased 1.6 million shares at a total cost of approximately $78.7 million. Year to date, the Company has repurchased 2.8 million shares at a total cost of approximately $140 million. As of September 30, 2012, approximately $360 million remained available under the Company’s share repurchase authorization. Balance Sheet At September 30, 2012, the Company had gross debt of $1.654 billion, cash and cash equivalents of $795 million (including $144 million of restricted cash) and net debt of $859 million, compared to net debt of $1.242 billion as of June 30, 2012, in each case, excluding debt and restricted cash associated with securitized vacation ownership notes receivable. Net debt at September 30, 2012, including $410 million of debt and $17 million of restricted cash associated with securitized vacation ownership notes receivables, was $1.252 billion.