Better than a buy back...What to do with the cash?
Special div? Well, we saw what that can do.
Share buy backs? Better as it increases E/P and assuming multiples are steady, can be accreditive to SP unless market discounts due to perceived lumber pricing forecasts.
Acquisitions? 25% larger capacity and earnings, fewer competitors, non-dilutive. Growth companies are also usually awarded higher multiples. So increased earnings and increased multiple... 4+1=6?
Love it!