Without Thick Hide in my spec i have 28326 armor, and with it I have 31159 with it. (Unbuffed)
Now the tooltip states 10% more from leather, and 33% more in bearform, so the math says 40506 - which is the amount I had previously.
It all happened after the first server restart, I got deadmines heroic as our random heroic before and after the restart.
But the second time, after the restart I was taking way more damage, and noticed that I got critted alot.
That's when I checked the armor, and I thought it was way off.
I tried relogging, nothing happend, teleported to moonglade, unlearned talents and put up the spec from the start, popped bear and the armor was fine.
Then I ported back into deadmines (the second run) and buffed, and popped bear, boom, armor was being a nobhead again.