David Bernstein: We are going to be opportunistic in buying back shares but within our current credit rating. In todays credit market, we have been able to utilize that strong credit rating to complete all the financing we need for this year.

We are going to focus and make sure we maintain that credit rating and continue to evaluate that over time.

David Leibowitz (Burmingham): In the luxury end of the business, is there more you could be doing beyond just having one new ship coming in for Seaborne?

Howard S. Frank: The luxury market is a very small market. So growing it by one ship per year for Seaborne, for example, is an aggressive growth rate and if a lot of the luxury competitors jump into that and grow it, we will find ourselves struggling.

That market has great potential for a very small segment and we have to grow it cautiously and the industry has to grow it cautiously.

Howard S. Frank: The new Seaborne ships are more than twice as large in terms of capacity as the older ships. So we are tripling the size of the fleet in three years.

Edward Stanford (Cazenove); On the accounting treatment of the $40 million, if and when the Florida Court makes a decision do you just write it back in the quarter in which the decision was made?

David Bernstein: The discussions have been with the Florida Attorney General and they are ongoing.

If there was a decision that would allow us to continue with the bookings we would recognize those that we did not recognize in February at the time we reached an agreement with the Florida Attorney General.

Micky Arison : What is in question is only those bookings that were on our books prior to November 6. There is now no question about all the bookings after November 7.

So the $40 million refers to the bookings that were on our books prior to November 6 and we will either be able to take that into income or not; we are taking the conservative approach at this point and not until there is a final determination from our discussions with the Attorney General''s office.

Edward Stanford (Cazenove); On the signs of weakness in some of the European brands, is that more present in volume of bookings or is it in onboard spend?

Micky Arison: Europe is performing beautifully but again we are really impacted by everything we read. The booking pattern in Europe has been extremely strong when you consider the amount of capacity that’s been added this year.

Steve Wieczynski (Stifel Nicolaus): Comment on the onboard spending and some of the weakness there, is it across the board in terms of all categories, or do you have the data to see that it is more of the high end items?

Micky Arison: It is across the board. We have seen more deterioration in items such as art auctions, and less with shore excursion, but we are talking percentage points. It is just 1%, very small movements in all of these things.

Steve Searl (Conning Asset Management): Are you assuming that these convertible bonds that are puttable this year are going to be put back to you?

David Bernstein: We have been prepared if they are put. We actually have two of them that are puttable to us in April.

We signed up a $1.5 billion revolver so that if they are put we have the available liquidity to pay the put, and so we are ready. But the assumption or actually the put right is in the hands of the holders and we will leave it up to them.

Timothy Conder (Wachovia): What is your anticipated fuel usage?

Beth Roberts: The fuel usage was 3.260 million metric ton for the year.