OK, I read the cash flow statement and figured it out. You are right, the net cash flow for Q1 was -2.5M, and I'm right, that number includes last quarter's dividend payout. But that number doesn't include depreciation of $16M, or ~$3M of other expenses (tax?). Those two things together add back $13M to achieve the operating cash flow of $10M. THAT NUMBER INCLUDES THE DIVIDEND. But that number is only coincidentally the same as what you get from your computation based on break-even cost vs. avg. day rate, which I now suspect does not include depreciation.
At any rate, the company is a good operator, and today's share price reflects that.