RE:KH....NCIB another screwup? Current buyback is alright. If you look at the letter to KH that was drafted some months ago the ROI on the buyback was laid out quite well. That being said, the share appreciation is making that less and less attractive. So, what should he do next? I'd argue double the dividend. Win-win, he gets to brag that he saved money by buying back shares that will cost nothing via the new dividend.
Another option, keep the divided where it is and declare a special dividend at year end. This option means less accountability as it's "special" so the regular divy is expected but he "rewarded" shareholders with excess cash.