The "we" who derive "wonderful benefits" includes the memo's author, whose 2004 compensation exceeded by far that of any other Osprey executive and dwarfed the paycheques of the company's front-line workers. According to a management circular, from April 15, 2004, when Osprey was transformed into an income fund, until the end of that year, Michael Sifton drew a salary of $311,538. Although his salary for Jan. 1 to April 14, 2004 was paid by the "old" company and therefore not reported in the circular, one can extrapolate that he was drawing almost $104,000 per quarter. Adding that amount plus other compensation in the form of bonus and company contributions to the defined benefit pension plan brings his 2004 "benefits" to more than $475,000. Explains why he, at least, can describe them as "wonderful."