STUDENT TRANSPORTATION INC 5.25 PCT DEBS T.STB.DB.A

RE: RE: RE: RE: Divi is tight but sustainable

[MrAnderson]

Please double check this with me.  My review seems to indicate they are not depreciating the goodwill.  See note 6.  They seem to be depreciating the intangeble assests (those do not include goodwill) and the plant and equipment etc.  the depletions seems to come from oil and gas.  The note 6 details show how the goodwill went from 103million to 125 million via acquisitions but they do not list depreciation of that goodwill.  So the eps is low without that and would be even lower if they were depreciating goodwill.  It looks like they have been paying about a 40% premium on most of their acquisitions and that is being recorded as goodwill.    I am not an accountant, I have however been running my own small business for years but I will admit its no where near as complex as STB.  Any accountants out there that can step into this conversation?