The plant itself looks fine.
As was mentioned, the lower leaf is most likely dying back naturally due to old age.
The flower count I'm not too sure about…
Do you remember roughly how many flowers the plant had when you first purchased it, (assuming that you bought the plant in bloom, of course)?
If it was supposed to have more flowers per spike, then there needs to be an adjustment made to the culture.
How often do you water the plant?
What's the humidity like?
How often do you fertilize, what is the N-P-K ratio of the fertilizer, and what is the concentration of fertilizer you use?
Has there been any kind of drastic temperature changes or wildly fluctuating temperatures while the buds were developing?
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Philip
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