diff --git a/TTTAttributedLabel.m b/TTTAttributedLabel.m
index 0cebf6da..c40180f5 100644
--- a/TTTAttributedLabel.m
+++ b/TTTAttributedLabel.m
@@ -606,20 +606,19 @@ - (CGRect)textRectForBounds:(CGRect)bounds limitedToNumberOfLines:(NSInteger)num
     
     if (textSize.height < textRect.size.height) {
         CGFloat yOffset = 0.0f;
-        CGFloat heightChange = (textRect.size.height - textSize.height);
         switch (self.verticalAlignment) {
             case TTTAttributedLabelVerticalAlignmentTop:
-                heightChange = 0.0f;
                 break;
             case TTTAttributedLabelVerticalAlignmentCenter:
                 yOffset = floorf((textRect.size.height - textSize.height) / 2.0f);
                 break;
             case TTTAttributedLabelVerticalAlignmentBottom:
+                yOffset = textRect.size.height - textSize.height;
                 break;
         }
         
         textRect.origin.y += yOffset;
-        textRect.size.height -= heightChange - yOffset;
+        textRect.size.height = textSize.height;
     }
     
     return textRect;
@@ -658,6 +657,9 @@ - (void)drawTextInRect:(CGRect)rect {
     // First, get the text rect (which takes vertical centering into account)
     CGRect textRect = [self textRectForBounds:rect limitedToNumberOfLines:self.numberOfLines];
 
+    // CoreText draws it's text aligned to the bottom, so we move the CTM here to take our vertical offsets into account
+    CGContextTranslateCTM(c, 0.0f, rect.size.height - textRect.origin.y - textRect.size.height);
+
     // Second, trace the shadow before the actual text, if we have one
     if (self.shadowColor && !self.highlighted) {
         CGContextSetShadowWithColor(c, self.shadowOffset, self.shadowRadius, [self.shadowColor CGColor]);