And so we do think that our shares are attractive at these prices. But we weigh the capital allocation on all fronts. We’ve got our dividend M&A, internal investment, and of course, buybacks. And the Board — I mean we returned over $1 billion last year in terms of dividends and buybacks. And I think buybacks were more than half of that, probably $550 million or so. And I think we’ll just see how the business environment plays out over the course of the year. But I’m sure that we will be in the market during the year.
Mark DeVries: Okay, that’s helpful. And then just a question on expenses. Is there more to do here on head count, or alternatively, was the action that you took kind of later in the fourth quarter that’s not yet flowed through the results that we should expect to see in 1Q?
Mike Nolan: Sure, Mark. It’s Mike. I would say there’s always more to do in a market that’s declining. And yes, some of the work done in the fourth quarter probably doesn’t fully show up in the fourth quarter. I mean, we took out 12% of our head count in the fourth quarter, net of acquisitions, which is a pretty sizable number. So, I think some of that will flow through to the next quarter. probably reduced — will reduce in the first quarter about another 3%. And I think further actions will really be order dependent. So, as we’ve always done, Mark, and you know this, we’ll will kind of follow those orders. We’ve done some work on our infrastructure as well relative to branch locations. I wouldn’t say anything significant, but we’ve had some movement there.
And part of what we have to evaluate is as quickly as this market turned down, with some help from rates, I think it could as quickly turn up. And so you don’t want to do too much in the short term that can kind of hurt you in the midterm and long-term, but we’re certainly going to continue to manage the cost. We’re really very pleased with the work we did really in the course of the year to finish with a full year margin of 16.7%, which is really close to the midpoint of our 15% to 20% normalized margin that we talk about. So, a lot of good work done, but certainly, there could be more to do.
Mark DeVries: Okay, great. Thank you.
Operator: Thank you. Our next question comes from the line of Andrew Kligerman from Credit Suisse. Please go ahead.
Andrew Kligerman: Great. Thank you. So, just kind of following up on the prior question about expenses. And looking at the numbers, it looks like you did a lot with other operating expenses sequentially from $437 million to $392 million. your title margin was about 12.3%. So, very low relative to that 16 plus that you cite for the year. So, does it look like that number is kind of stabilizing in the 12%, 13% zone? Maybe you do some stuff around the edges you mentioned a potential 3% reduction in staff in the first quarter. But maybe that title margin is kind of stabilizing in the low double-digits. Does that make sense?
Mike Nolan: Well, I think it would depend on the context. Are you talking about a full year comparison or a quarterly comparison?
Andrew Kligerman: Whatever makes more sense. I mean, if you think next year, where do you think the title margin will level out in 2023, assuming the same kind of environment, being now?
