Nancy, you were off quite a bit. <g> As of today, intc may max pain ~= (1560 x 22.5 + 22320 x 25 + 28242 x 27.5 + 19145 x 30 + 6572 x 32.5) / (1560 + 22320 + 28242 + 19145 + 6572) = 27.8 Note: I skipped the @20 calls because it's trivial. I got the numbers from yahoo: <A HREF="http://finance.yahoo.com/q/os?s=INTC&m=2004-05-21" target="_new">http://finance.yahoo.com/q/os?s=INTC&m=2004-05-21</A> It looks the same as your data. In edit: I just realized that you were talking about amat (your link shows intc). amat may max main ~= (2753 x 17.5 + 32342 x 20 + 12913 x 22.5 + 2009 x 25) / (2753 + 32342 + 12913 + 2009) = 20.4 per <A HREF="http://finance.yahoo.com/q/os?s=AMAT&m=2004-05-21" target="_new">http://finance.yahoo.com/q/os?s=AMAT&m=2004-05-21</A> You were still off. <g>