I mean, FLY just almost doubled its fleet. The deal is "accretative" to earnings immediately. They did not even borrow money for doubling there fleet. So why not boost dividend by 50% next qtr to 30c/qtr from 20c/qtr and see share price soar by 25-50% ?
They assumed a lot of debt from the previous owners, so in a sense yes they did borrow.
I don't see them raising the dividend until they replenish their cash hoard somewhat. This is a very methodical and prudent management team. The good news is that accumulating cash will happen almost twice as fast now as it did yesterday.
Would it be possible for them to raise the div next quarter? Of course. But personally I'm not looking for anything like that until mid-2012 if at all. They have not communicated a desire to raise the dividend although the question comes up at every conference call.