Abstract. The zitterbewegung is a local circulatory motion of the electron presumed to be the basis of the electron spin and magnetic moment. A reformulation of the Dirac theory shows that the zitterbewegung need not be attributed to interference between positive and negative energy states as originally proposed by Schroedinger. Rather, it provides a physical interpretation for the complex phase factor in the Dirac wave function generally. Moreover, it extends to a coherent physical interpretation of the entire Dirac theory, and it implies a zitterbewegung interpretation for the Schroedinger theory as well.