Eagle, you are correct about the math. BUT, the calculations refer to what you are burning at the moment of exercise. You do NOT lose more weight by exercising in the aerobic range only. That is a commonly held misconception. There are very good and important reasons to exercise in an aerobic fashion, but NOT because it increases fat burned. The more total calories you burn - whether protein, fat or carb - the more calories you burn. Period. Then it's up to you whether you eat fewer calories than burned or not.

If you eat fewer calories than you have burned, you will lose fat. Assuming you exercised for 1 hour, during the remaining 23 hours of that day your body returns itself to equilibrium. Meaning it tries to replenish glycogen stores, fat stores and build muscle. HOWEVER, if you take in fewer calories than you expend, your body will choose to build muscle, replenish glycogen, and only store fat if calories in any form are left over. So, you will not be burning the fat during the exercise, but your body will be sacrificing fat later (yippee) for other things and therefore you will have the same outcome as burning more fat.