Align text in center of circle vertically without creating outlines?

How do I vertically center text in a circle or box in Illustrator?

If I choose the "Vertically Align Center" in the align palette to align the text in the center of my circle object, it's not in the exact center. This is because there is the box around the text tool that it centers it to

The only way I have found to align the text exactly in the center is to create outlines of the text.