Hi Shipmaster, I think a better option would be to use the...

Hi Shipmaster,

I think a better option would be to use the Dividend reinvestment plan cash, to buy shares on the open market, rather than creating new capital and diluting the existing shareholders, who do not participate. That allows people still to take the cash option if they wish to invest it somewhere else.

Share buybacks are not a bad idea in general however, it doesn't have to be when the company is swimming in cash, but rather what the debt is costing the company. If the shareprice is lower than intrinsic value, a share buyback is good for all holders. The issue is more where management uses share buybacks to boost the share price to hit incentives.

Keep up the ideas!