Prior year earnings of 21c and dividend payout of 11c are at a...

Prior year earnings of 21c and dividend payout of 11c are at a large disparity considering that historically dividend payments have been over 80% of earnings. I would expect that consistency in ~20c yearly earnings would push yearly dividend to over 15c? Would seek thoughts on this. Despite increased taxes this would still be achievable with expansion and recent organic growth. Below prior half earnings and div payout are trending higher. We can see wide gap between EPS and payout compared to prior periods. Funding for expansion a possible reason for this however I would expect reversion to a higher payout %. PTB of 2 would see SP at $2 which is a realistic target.