Here's an observation from the Investor Village board. Note the comment from Mr. Holden:

Just re-reading the Q2 earnings call transcript. The answer to a question by Robert Howard – Prospector Partners caught my attention.

Q: "Just wondering, cash balance, you've got a lot of cash now and that required CapEx spend is gradually working its way down. I was just sort of wondering what your thoughts were on what happens if that continues to get smaller and what you're looking at?"

A: by J. William Holden, III

" ... As we sit here today I think we're comfortable with our cash balances; we think we have adequate liquidity for the business. As we move through time and we get some of the Maryland Healthy Air Act capital expenditures behind us, I would anticipate we probably wouldn't need to hold the same level of cash balances that we do today."

I can see at least 4 choices for spending/investing the cash balances when "we get some of the Maryland Healthy Air Act capital expenditures behind us":
a) buying assets,
b) building assets,
c) (more) stock repurchases, or,
d) dividend.

I am not holding my breath expecting a dividend ... I am glad that Mr. Holden recognizes the fact that there will be (or "is") an unnecessarily high level of cash. What they decide to do with it will be telling.

best wishes,
Bull

http://www.investorvillage.com/smbd.asp?...