It doesn't work like that at all. With the assumed debt of AYE and the ongoing debt of FE there is no way this stock would add the .60 cents currently paid by AYE. Now with that being said once the dust settles and the stock climbs payout ratio declines etc., you may start seeing increases two years from now.
Nevertheless the payout is fantastic now and is very solid. @44.00 per share it would be 5% which is on par for this industry.