RE:earnings transcript Ian Gillies
Okay. That's helpful. The last thing I wanted to touch on was the NCIB. You used a very, very modest amount of it in the first quarter. Is that a more plausible use of cash now given where the share price is? Or is that more so done to offset any dilution that might have come from shareholder comp in the first quarter?
Scott Stewart
It has nothing to do with dilution from shareholder comp. It has everything to do with we have restricted liquidity in the marketplace, a small overhang of our stock on any given day can cause precipitous drop in the price, which takes quite a while to recover. We - as we have said before, use the NCIB as a way of supporting the share price in the market when there are overhangs.
Having said that, we do think that we've - the money that we spent to buy back shares as the price of our stock has been decreasing recently has been money well spent because we think our stock is extraordinarily undervalued.
Ian Gillies
Yes. No, that makes a lot of sense. I would share that same view. Thank you very much. I appreciate the detail. I'll turn the call back over.