First, I think management is being opportune in their timing here - their stock is up almost 20% YOY, investors have spoken and like the trajectory of the company. 6.5MM shares is close to a 13% increase in share count outstanding. I would have expected price to drop by a similar number. However, they still have room to increase the divy even with the additional shares and this is what is supporting the price, IMO. The results of the equity raise will be dilutive in the short run - it will not be capital employed but for how long it is dilutive, the answer is probably not long as I think they have a sizeable transaction in mind and are using the equity raise for this purpose. The warrants are getting hammered but the poor performance in the warrants was telegraphing the equity raise and the additional float that would keep stock price depressed - keep in mind, you have til Oct 2014 (almost 3 years) with the warrants. That's alot of time.