Everybody nows about the Ballard tax issue; it had already been factored into the price of the stock.   Only 30 million one time charge at best.  Means this year may be a 65% payout ration next year will be closer to 50% payout ratio.   That is if they don't win the challenge.

Year after that it will be a 45% percent payout ratio (then they may consider raising the rate up a bit)