David B. Dillon

While Rodney and Mike are looking up what comments they want to make on the impact that you were asking initially, but let me talk about the fuel margins and our other margins. It would be incorrect to say that we view them as independent of each other but it would also be incorrect to say that we try to make up or get back any change in gas margins and vice versa. Gas margins change every day and that’s one of the reasons we say that the liquid gas margins, you need to look at least a full-year run and I even think longer term is even better than that, but certainly looking at four quarters gives you a much better sense of where gas margins can be. And on any way of measuring, last year on a four-quarter basis was much higher than what we have historically experienced and what we expect to experience going forward.

So if we see in a given week or a given month or a given quarter that gas margins are higher or lower than what our expectations are, certainly it will influence what we do elsewhere in our business but it’s not going to -- we’re not going to let it whip-saw where we go because we are directionally focused on what our customers want and we don’t want to change that model just because of one month or two months of gas margins, one direction or another.

So I don’t think I’d be too direct here by that. Now I realize that the gas margins were forecasted for the whole year and it did enter into the guidance we gave for the whole year but I think it helps explain why our first quarter internal estimates were about on-target for the guidance that we’ve given you and I think it helps explain why when the Street had a lower expectation for the first quarter, why you shouldn’t go add the extrapolation of that performance into the second, third, and fourth quarter because in the second and third quarter, the gas margins aren’t going to be there this time.

W. Rodney McMullen

The other thing I would add, I think your number would be reasonably close. The thing that we all have to remember is that part of it will be a function of what the retail price of gas is, because so much of gas is bought on credit card. If gas is at $3.50 or $4 a gallon, the interchange fee that we are paying to the credit card companies is a lot higher than if gas is at $2 a gallon, so that would be the one thing that would cause your number to be off as much as 20% or 30% either direction, depending on what the retail price is.

J. Michael Schlotman

You also have to figure out what gallon growth is doing because the amount of gallons we sell could affect your calculation relative to the effect on net income.

Karen Short - FBR Capital Markets

Right, got it, okay. And sorry, last question, any status on the conversations with the S&P as it relates to your ratings? And I guess any progress on how they look at the under-funded, multi-employer plans?

David B. Dillon

I’ll let Mike answer that.

J. Michael Schlotman

There’s no net new news out of the rating agencies, which in this environment is good news, I would say. They continue to ask a lot of questions about the under-funded liability. We continue to help educate them significantly on it and as we go throughout the year, hopefully market returns help some. As we said in the prepared comments, both rising healthcare costs in the country and this under-funded pension liability is going to have to be something that works out at the bargaining table.

Karen Short - FBR Capital Markets

Right. Okay, thanks very much.

J. Michael Schlotman

The other thing is we think it’s very important to be as transparent as we can on what that under -- potential under-funding to be and that’s one of the reasons why we’ve shared it for several years and we continue to have the dialog with all the rating agencies to make sure they understand that and make sure they understand our plan on working to address, too.

Operator

The next question comes from the line of Scott Mushkin representing Jefferies & Company. Please proceed.