1. Maintain dividend for this quarter, cut to .70 next quarter.
2. Cut this quarter to 1, and maintain that as long as possible.
I'm hoping for 1 since I have a small number of calls, but I'm being realistic.
Core income is about .70 per share, and if you taken into consideration hedging losses the past 2 quarters, it's far lower. Comp income is nice, but I don't think management is going to cannibalize the company. They'll sell just enough to ride them over tough patches.
Why not eliminate the dividend altogether? That's easily maintainable; or do as some companies do whose core earnings are declining: only pay a dividend at year-end, after they have determined full-year earnings.