Here's a quote from the last conf. call: In the midst of the recession and slow recovery, Plum Creek has continued to perform well financially. We have strengthened our balance sheet and reduced future cash obligations by opportunistically paying down debt and repurchasing our stock. Our geographically diverse assets continue to grow in value, and we remain focused on growth in the value of the company in everything we do.
Cash flow from our operations this year, exclusive of any changes in working capital, should be approximately $450 million, resulting in a dividend payout ratio of about 60%. Even without the Montana Conservation Sale that will close in the fourth quarter, our payout ratio would still only be 75%. So we remain very comfortable with our dividend