Our supply constraints also resulted in the company's inability to replenish the channel towards the end of the quarter. Compared to the end of 2004, we ended the year with significantly fewer weeks of inventory in the channel in the U.S.

Unless we constantly replenish our supply of calcium, drop by drop, our bones become thinner from depleting our calcium savings account. It's like living off your principal instead of your interest. It's not smart, and it puts you at risk for osteoporosis.

We're hitting up against supply constraints certainly this year. We're supplying all we can supply.

COMMIT. PURGE. REPLENISH.

Call it supply constraints or whatever, we have a natural gas market that is tight. We're meeting demand but at significantly higher prices.

The fact is that housing demand has not slowed meaningfully, nor have supply constraints been noticeably undermined, and the large, public builders are set to post significantly higher price growth, margins and earnings than the Street currently expects.