It appears that in 2002 the payout was 31.9% of earnings and the 2004 payout will be 47.6% of their estimated earnings.
They have raised the dividends in 2002, 2003, and 2004, but their earnings have basically been flat for this three year time period. I'm using estimated 2004 earnings.
What is even more interesting is the fact that in 2005 the payout will be 44.7% of estimated earnings. This is if they just continue to pay the same dividend as the current one with no raise in dividends in 2005.
This would definitely be on the high side according to the 2002 chart.