RE:Silly dividends I think I he dividends are great. I hate share buybacks - it is like burning money.
I think they should pay down debt and use the savings in interest to increase the dividend. They can save about $6 mm by paying down debt by $80 mm. With that and the automatic 2% price increase every year, they can add 7 cents per year to the dividend.
With this, by the time the next pipe is built, they will have no debt and close to a $0.50 dividend.