For the full year 2012, selling, general, administrative and other expenses increased 5.1% to $370 million compared to $352 million in the full year 2011, including severance costs, in 2012, of approximately $11.0 million.Capital Gross capital spending during the quarter included approximately $58 million of maintenance capital and $73 million of development capital. For the full year 2012, capital spending included $142 million of maintenance capital and $271 million of development capital. Asset Sales During the fourth quarter of 2012, the Company completed the sales of certain hotels, including the Manhattan at Times Square Hotel and the Poconos Resorts, for gross cash proceeds of approximately $275 million. These hotels were sold unencumbered by management and franchise contracts and the Company recorded a net gain of $141 million in discontinued operations associated with these sales. Timeshare Securitization On October 24, 2012, the Company completed a securitization involving the issuance of $166 million of fixed rate notes. Starwood is contributing approximately $174 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 2.02%. The proceeds from the transaction were used for general corporate purposes and will pay down the securitized vacation ownership debt related to its 2005 securitization in 2013. Dividend The Company’s Board of Directors increased its annual dividend by 150% to $1.25 per share. The dividend was paid by the Company on December 28, 2012 to holders of record on December 14, 2012. Share Repurchase In the fourth quarter of 2012, the Company repurchased 3.5 million shares at a total cost of approximately $180 million and an average price of $52.07 per share. For the full year 2012, the Company repurchased 6.3 million shares at a total cost of approximately $320 million and an average price of $50.83 per share. As of December 31, 2012, approximately $180 million remained available under the Company’s share repurchase authorization.