Patriotism, I wasn't clear on what you meant by "After three quarters ... of 3.8"
My numbers, using the last 4 Q's averages, told a similar story:
Average Net-Income per License for past 4 quarters = $1.44M
Average EPS per License for past 4 quarters = .004
13 licenses this Q times .004 = .05 EPS
Given .05 EPS this Q the TTM = .10 EPS
(Note: Current TTM EPS = .05)
Given .10 TTM EPS times PE of 8 = .80 SP
Nothings is factored in for higher per license $. Anything lower than .05 EPS for this Q will thus be a real shocker.