Wow, loads of great estimates on this board for Q4 and 2011, but I wish people would start keeping their net income estimates separate from their FD share count estimates (ie - don't estimate EPS).
We all know that next year the FD share count will be topping out around 54M shares as long as all targets are hit. I'm of the opinion that what quarter they will start to be recognized in is not of primary concern. Sure it's interesting to see how the numbers change when we shuffle those shares around, but I think longer term investors (ie - the ones who will carry CCME to a proper valuation) are going to be keeping the final amount of shares (54M) foremost in their minds. Figuring out the absolute net income numbers and estimating the levers which will affect their growth is a more valuable exercise, imo. The discussion on FD share count numbers (and, by extension, EPS) should be kept separate.
