Are you guys figuring dividends being paid from EPS or cash flow per share, because as I understand it MLPs pay from cash flow per share. On the MLPs you cited, like KMP, their dilution puts them at only $4.20 per share dividends. XTEX has only has to worry about 45 million shares common and 14.5 million pfd.
EPS is irrelevant because they have so much depreciation like reits do. The measure is DCF-distributable cash flow which gets close to being EBIDTA minus debt (I include preferreds in debt). It's just easier. So, they are going to have the refinance bonds, the credit facility and the preferreds. I don't have a handle on how much is going to be owed in the credit facility after they do the bond refinance.