Another example of using line-height

Member Ken Taylor forwarded another interesting example of using line-height. As Ken explains,

I tried a different approach using positioning rather than line-spacing. This is the correct way to do it. It resolves problems between browsers.

In this example, I used predefined font-size rather than points so that in IE it changes if you change text size. If I used points it would always be the same size (except in Opera where it is Zoom rather than Text).