So, we have a really strong commitment to offset dilution from share grants. It’s a philosophical commitment. We don’t want our shareholders to be negatively affected when we opt to compensate people in the form of stock.
We want our shareholders to be largely agnostic to the form of compensation and in some cases, LTI grants are the right thing to do and they have the right retention features. So we do have a philosophical commitment to offset those over time and share dilution. Our recent level of share buybacks have been higher than when we needed to offset that dilution and that really reflects our commitment over time to try to hit an industry level of cash payout ratio, which I think is in the 70% to 80% range.
Michael Carrier – Bank of America
Okay thanks a lot.
Jennifer McPeek – Chief Financial Officer
Sure.
Operator
We will take our next question from Robert Lee from KBW Securities.
Robert Lee – KBW Securities
Great. Good morning everyone. Maybe following up actually Jen from the share repurchase, so I understand that thinking about I just want to offset a share issuance, but just kind of curious in the quarter you did actually have a subsiquntail jump despite share kind of been coming up and kind of jumped up. So it looks like there was a fair amount of shares issued and I don’t quote “seeing that kind of seasonality in terms of vesting or restricted stock grants in the past”. So is there any kind of one-time thing that helped drive that or I know.
Jennifer McPeek – Chief Financial Officer
Well I hope it’s not a one-time thing but that was largely driven by our share price going up. So hopefully that’s a repeated thing. Let me explain that a little bit.
We have some convertible notes that are outstanding and so we have to account for dilution that comes from those convertible notes when our share price moves dramatically and the weighted average share price for the quarter was a lot higher than it was in the prior quarter. So that’s really what caused that increase in the fully diluted share count.
Robert Lee – KBW Securities
Okay. Great. That’s helpful. And then just one simple modeling question on velocity share. So I guess I am still not clear to me
Jennifer McPeek – Chief Financial Officer
I am sorry. Could you speak up a little bit? We are not hearing you well.
Robert Lee – KBW Securities
Sorry about that. On velocity shares, from a modeling perspective, so are you not going to include those assets in your AUM going forward just kind of call them out separately.
Jennifer McPeek – Chief Financial Officer
Correct. We’re not going to include the exchange traded note assets which are the bulk of their assets in AUM because they are not the name manager, they are not a managed product. We get paid under a separate contract. So, that’s technically how we’re supposed to account for them to not include them in AUM. sThey are ETF products, if we get those put under a trust that Janus is the name manager for which currently is not the case, then those would be included in AUM, but we’ll have to update you on that going forward.
