Implement Dividend If management is content to just sit there and not make any M&A moves, they should reconsider implementing a dividend.
If you just take the cash flow being generated at the time of the Delta acquisition ($2M), they could distribute that back to shareholders as a dividend. Again, they aren't paying any corporate tax on this $2M given the tax pools. $0.16/share annually or $0.04/share would certainly be a better use of capital if they aren't going to transact.