diff --git a/lib/prawn/text/box.rb b/lib/prawn/text/box.rb
index d4f83263b..c0c447f0c 100644
--- a/lib/prawn/text/box.rb
+++ b/lib/prawn/text/box.rb
@@ -72,7 +72,6 @@ module Text
     # <tt>:valign</tt>::
     #     <tt>:top</tt>, <tt>:center</tt>, or <tt>:bottom</tt>. Vertical
     #     alignment within the bounding box [:top]
-    #
     # <tt>:rotate</tt>::
     #     <tt>number</tt>. The angle to rotate the text
     # <tt>:rotate_around</tt>::
@@ -106,7 +105,7 @@ module Text
     #
     # == Exceptions
     #
-    # Raises <tt>Prawn::Errrors::CannotFit</tt> if not wide enough to print
+    # Raises <tt>Prawn::Errors::CannotFit</tt> if not wide enough to print
     # any text
     #
     def text_box(string, options={})
diff --git a/lib/prawn/text/formatted/box.rb b/lib/prawn/text/formatted/box.rb
index 7b4238668..55d4b627b 100644
--- a/lib/prawn/text/formatted/box.rb
+++ b/lib/prawn/text/formatted/box.rb
@@ -85,7 +85,7 @@ module Formatted
       #
       # Raises "Bad font family" if no font family is defined for the current font
       #
-      # Raises <tt>Prawn::Errrors::CannotFit</tt> if not wide enough to print
+      # Raises <tt>Prawn::Errors::CannotFit</tt> if not wide enough to print
       # any text
       #
       def formatted_text_box(array, options={})
@@ -484,14 +484,16 @@ def process_vertical_alignment(text)
           @vertical_alignment_processed = true
 
           return if @vertical_align == :top
+
           wrap(text)
 
           case @vertical_align
           when :center
-            @at[1] = @at[1] - (@height - height) * 0.5
+            @at[1] -= (@height - height + @descender) * 0.5
           when :bottom
-            @at[1] = @at[1] - (@height - height) + @descender
+            @at[1] -= (@height - height)
           end
+
           @height = height
         end
 
diff --git a/spec/formatted_text_box_spec.rb b/spec/formatted_text_box_spec.rb
index 157d9405c..69d046fd0 100644
--- a/spec/formatted_text_box_spec.rb
+++ b/spec/formatted_text_box_spec.rb
@@ -616,6 +616,51 @@
   end
 end
 
+describe "Text::Formatted::Box#render with :valign => :center" do
+  it "should have a bottom gap equal to baseline and bottom of box" do
+    create_pdf
+    box_height = 100
+    y = 450
+    array = [{ :text => 'Vertical Align' }]
+    options = {
+     :document => @pdf,
+     :valign => :center,
+     :at => [0,y],
+     :width => 100,
+     :height => box_height,
+     :size => 16
+    }
+    text_box = Prawn::Text::Formatted::Box.new(array, options)
+    text_box.render
+    line_padding = (box_height - text_box.height + text_box.descender) * 0.5
+    baseline = y - line_padding
+
+    text_box.at[1].should be_within(0.01).of(baseline)
+  end
+end
+
+describe "Text::Formatted::Box#render with :valign => :bottom" do
+  it "should not render a gap between the text and bottom of box" do
+    create_pdf
+    box_height = 100
+    y = 450
+    array = [{ :text => 'Vertical Align' }]
+    options = {
+     :document => @pdf,
+     :valign => :bottom,
+     :at => [0,y],
+     :width => 100,
+     :height => box_height,
+     :size => 16
+    }
+    text_box = Prawn::Text::Formatted::Box.new(array, options)
+    text_box.render
+    top_padding = y - (box_height - text_box.height)
+
+    text_box.at[1].should be_within(0.01).of(top_padding)
+  end
+end
+
 class TestFragmentCallback
   def initialize(string, number, options)
     @document = options[:document]