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Default Formula help

I have data that looks like this:

S30 1M D C7D
S30 1M D
5W I 4
2W I X AH1

I need a formula that will extract the third group of characters from each
record. The records can be any length and the groups are seperated by
spaces. For example,

From "S30 1M D C7D" I need to extract "D".
From "S30 1M D" I need to extract "D".
From "5W I 4" I need to extract "4".
From "2W I X AH1" I need to extract "X".

Thanks for any help that can be provided.

--
Steph
 
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