diff --git a/src/v2_decoder.cpp b/src/v2_decoder.cpp
index 57cbb681..b4873ceb 100644
--- a/src/v2_decoder.cpp
+++ b/src/v2_decoder.cpp
@@ -45,7 +45,7 @@
 zmq::shared_message_memory_allocator::shared_message_memory_allocator(size_t bufsize_):
     buf(NULL),
     bufsize( 0 ),
-    maxsize( bufsize_ ),
+    max_size( bufsize_ ),
     msg_refcnt( NULL )
 {
 
@@ -53,7 +53,9 @@ zmq::shared_message_memory_allocator::shared_message_memory_allocator(size_t buf
 
 zmq::shared_message_memory_allocator::~shared_message_memory_allocator()
 {
-    deallocate();
+    if (buf) {
+        deallocate();
+    }
 }
 
 unsigned char* zmq::shared_message_memory_allocator::allocate()
@@ -61,25 +63,38 @@ unsigned char* zmq::shared_message_memory_allocator::allocate()
     if (buf)
     {
         // release reference count to couple lifetime to messages
-        call_dec_ref(NULL, buf);
-        // release pointer because we are going to create a new buffer
-        release();
+        zmq::atomic_counter_t *c = reinterpret_cast<zmq::atomic_counter_t *>(buf);
+
+        // if refcnt drops to 0, there are no message using the buffer
+        // because either all messages have been closed or only vsm-messages
+        // were created
+        if (c->sub(1)) {
+            // buffer is still in use as message data. "Release" it and create a new one
+            // release pointer because we are going to create a new buffer
+            release();
+        }
     }
 
-    // @todo aligmnet padding may be needed
-    if (!buf)
-    {
+    // if buf != NULL it is not used by any message so we can re-use it for the next run
+    if (!buf) {
         // allocate memory for reference counters together with reception buffer
         size_t const maxCounters = std::ceil( (double)max_size / (double)msg_t::max_vsm_size);
-        size_t const allocationsize = maxsize + sizeof(zmq::atomic_counter_t) + maxCounters * sizeof(zmq::atomic_counter_t);
+        size_t const allocationsize = max_size + sizeof(zmq::atomic_counter_t) + maxCounters * sizeof(zmq::atomic_counter_t);
 
         buf = (unsigned char *) malloc(allocationsize);
         alloc_assert (buf);
+
         new(buf) atomic_counter_t(1);
-        msg_refcnt = reinterpret_cast<zmq::atomic_counter_t*>( buf + sizeof(atomic_counter_t) + maxsize );
+    }
+    else
+    {
+        // release reference count to couple lifetime to messages
+        zmq::atomic_counter_t *c = reinterpret_cast<zmq::atomic_counter_t *>(buf);
+        c->set(1);
     }
 
-    bufsize = maxsize;
+    bufsize = max_size;
+    msg_refcnt = reinterpret_cast<zmq::atomic_counter_t*>( buf + sizeof(atomic_counter_t) + max_size );
     return buf + sizeof( zmq::atomic_counter_t);
 }
 
@@ -108,31 +123,24 @@ void zmq::shared_message_memory_allocator::inc_ref()
 
 void zmq::shared_message_memory_allocator::call_dec_ref(void*, void* hint) {
     zmq_assert( hint );
-    zmq::atomic_counter_t *c = reinterpret_cast<zmq::atomic_counter_t *>(hint);
+    unsigned char* buf = static_cast<unsigned char*>(hint);
+    zmq::atomic_counter_t *c = reinterpret_cast<zmq::atomic_counter_t *>(buf);
 
     if (!c->sub(1)) {
         c->~atomic_counter_t();
-        free(hint);
+        free(buf);
+        buf = NULL;
     }
 }
 
 
 size_t zmq::shared_message_memory_allocator::size() const
 {
-    if (buf)
-    {
-        return bufsize;
-    }
-    else
-    {
-        return  0;
-    }
+    return bufsize;
 }
 
 unsigned char* zmq::shared_message_memory_allocator::data()
 {
-    zmq_assert(buf);
-
     return buf + sizeof(zmq::atomic_counter_t);
 }
 
diff --git a/src/v2_decoder.hpp b/src/v2_decoder.hpp
index 8cb892bd..44c9fe05 100644
--- a/src/v2_decoder.hpp
+++ b/src/v2_decoder.hpp
@@ -92,7 +92,7 @@ namespace zmq
     private:
         unsigned char* buf;
         size_t bufsize;
-        size_t maxsize;
+        size_t max_size;
         zmq::atomic_counter_t* msg_refcnt;
     };