timeout with repeating dates

Hi,

I get a timeout with a specific date repeat pattern. This is reproducible on a fresh install by following instructions given below.

1. Install a fresh version of Drupal 7.25 (the release version)
2. install the dev version of the date module enabling the following:
* Date
* Date API
* Date Repeat API
* Date Repeat Field

3. When prompted set the following locale settings:

* default country: UK
* First day of week: Monday
* Use ISO-8601 : yes

* Timezones: Europe / London
* Users may set their one timezone: no.

4. Create a new content type. Leave everything as defaults and just add a title.
5. Add a date field - use defaults except the following:
* Collect and end date: Yes
* Repeating Date: Yes

6. Now add a node using the new type. Set the date field as follows:
* Show end date: no
* Date / time: as default.
* Repeat: yes.
* Repeats: Yearly
* Every 1 year
* On the second Sunday of Dec
* Stop repeating after 3 occurrences

When I click save it just sits there and eventually times out. Usually there is no error in the log but occasionally the following is reported:

PHP Fatal error: Maximum execution time of 300 seconds exceeded in date\date_repeat\date_repeat_calc.inc on line 548

Note also that I have seen this same error on a few slightly different configurations so it may not be necessary to follow these instructions to the letter.

For the record I am using PHP 5.4.20 on Win 7 but have seen the same issue on 5.4.14 on Win Server 2008 R2 too. Both are using Apache 2.2.

Image showing date repeat settings included.