"Although we would prefer to trade at a premium to our Book Value and pay dividends, it is better for most of our shareholders to repurchase shares when we are trading below our Book Value. During the second half of 2011, we repurchased 17.6 million shares, or $134 million, of our shares at an average price of $7.61 per share. Though we would prefer that our shareholders hold onto their shares, we are happy to repurchase shares at such a substantial discount. These repurchases were $0.32 per share accretive to our year end Book Value per share."
That statement says a lot about building value. Probably no dividend for at least another year, other than the internal dividend of book value.