But if any members of the Investors Title Co board happen to read this, I hope you'll consider the question too.
Raising the dividend to $1.00 a year is a compromise that would cost little and would very likely unlock considerable share price appreciation. That in turn would make everybody -- shareholders as well as option grantees -- a lot wealthier.
Realignment of the interests of shareholders with those of option grantees at this time would be a significant plus for everybody, I believe.
Ah yes, employee stock options and the alignment of management interests with the interest of other shareholders.
Why is it that when management owns 25% or 50% or more of a company, they still need to get stock options to have an incentive to work hard and do the right thing for the company? Why is it that when stocks go down because of a financial crisis or a "great recession" that management is given lots of stock options, at very low exercise prices' that act like lottery tickets? Then the stock goes back to where it was before the recession for reasons that have nothing to do with management's performance but managements's options now represent winning lottery tickets. There were no lottery tickets at the bottom for the other shareholders.
Almost all public companies do this with the exception of Berkshire Hathaway. That is one reason I have more than one-half of my net worth invested in BRKB.
Today I sold my ITIC shares for $33.70. I have been in and out of ITIC several times. I stand ready to buy it back near $30 if I am lucky. ITIC is much better regarding executive compensation than most companies, but I will continue to try to trade it rather than invest in it for the long-term. So far, it has been a winning strategy.