Right now they have plenty of cash to pay the dividend while they increase earnings. I assume that the recent drop in price to some extent is a function of some investors thinking they will cut the dividend which is propping the stock price given 5% current yield. They are close once again to fully covering the dividend from current earnings and once they surpass it the price should begin to rise because that arguement will have been taken off the table. If they do a special cash dividend right now, not only will they go from a very well capitalized bank with dry powder for unanticipated surprises as well as future acquistions, but there would be a more legitimate arguement that they should cut the dividend which would hurt the price. The only ones that would benefit from a special dividend at this point are the folks that want to pocket it and then dump their shares.