Wrap Caps is inconsistent

In a paragraph that had multiple instances of capital letters, the wrap caps functionality was all over the place. In the content below there were varying results of capital letters that were, or were not wrapped.

Here's the original HTML:

<p>The department offers two separate undergraduate majors that lead to the bachelor of arts (B.A.) degree: art history and studio arts. A bachelor of fine arts (B.F.A.) degree in creative arts is also available. The B.F.A. program requires&nbsp;more extensive work in studio areas and is more professional and rigorous in nature than the B.A. program.</p>

Here's the resulting HTML - you can se the first B.A is ignored, the first B.F.A. has only the first two letters wrapped, and the following B.F.A and B.A. are both wrapped:

<p>The department offers two separate undergraduate majors that lead to the bachelor of arts (B.A.) degree: art history and studio arts. A bachelor of fine arts (<span class="caps">B.F.</span>A.) degree in creative arts is also available. The <span class="caps">B.F.A.</span> program requires&nbsp;more extensive work in studio areas and is more professional and rigorous in nature than the <span class="caps">B.A.</span>&nbsp;program.</p>