Index: textimage.module
===================================================================
--- textimage.module	(revision 2410)
+++ textimage.module	(working copy)
@@ -676,6 +676,14 @@
   // Get dimensions of text string and boundry box.
   $bbox = imagettfbbox($fontsize, $q_angle, $font, $text);
 
+  $y_adj = variable_get('textimage_adjustment_y', ceil($fontsize / 3));
+  $x_adj = variable_get('textimage_adjustment_x', 0);
+
+  $bbox[1] += $y_adj;
+  $bbox[3] += $y_adj;
+  $bbox[2] += $x_adj;
+  $bbox[4] += $x_adj;
+
   $twidth = sqrt(pow(max($bbox[0], $bbox[2]) - min($bbox[0], $bbox[2]), 2) + pow(max($bbox[1], $bbox[3]) - min($bbox[1], $bbox[3]), 2));
 
   $width = ($fixed_width) ? $maximum_width - 1 : $twidth;