Well, that would certainly be one way to increase book value.. As the issuance of new shares to pay for the share-based portion of the distribution would be far over book. 2,354,498.73 shares issued at 16 would bring book to about 14.550427
my math might be off
I got $14.58 if they issued stock at $16 to pay dividend, I think we are both pretty close. They should give everyone one share for every share they own and tell them Santa gave them a $16 div.