I think what you are missing is the "unrealized loss from derivatives" of $31M on the income statement. This is $31M / 309M shares = 0.10 per share for Q3 2012. They are required to report this in GAAP, but it does not affect their taxable income paid to shareholders as dividends. This is analogous to reporting an unrealized loss on a stock that you have not sold as a loss to your income. Unrealized losses won't actually affect the dividend until they realized. To show how this works monthly in Q3 we have $0.20 per share GAPP income + $0.10 per share in taxable income offset by unrealized losses = $0.30 / 3 = 0.10 per share which covers the Q3 monthly dividend.
Thanks Natro, (if only others would post substance instead of #$%$
So I am hearing:
(54MM+31MM) / 309MM = 27.5 per share
27.5 is vastly closer to the .30 cents they paid for the quarter.
Would it be possible that the 31MM is the lions share of the discrepancy but as that only brings us to about 27.5 per share that there are other smaller GAPP related items which amount to about 2.5MM which would further close the gap to around .30 earnings per share?
Thus the .30 per share would be sufficient to cover.
So what are you saying ? Based on the most recent earnings report they should only be able to pay about 5.5 cents/ share monthly dividends ? Then why are they still going to pay 8 cents for the next 3 months ?