How do we calculate a fair share price at 12 cents eps. Also do we increase the dividend or do a share buy back. Personally I would like to buy back some of the shares to predilution levels and keep the dividend where it is. This will make the share price go up quite favourably and they won't need to put out as much money for the dividend from that point further. Afterwards we can raise the dividend. Might as well buy back shares now when they are below book value.