The name of the game for equities is capital appreciation, not income for shareholders!
STEI Directors should suspend their inappropriate share-buyback program at so far above
its Book Value because doing so makes the remaining shares less valuable.
As for the divident, its cash would be better used to reduce debt and/ or to make accretive acquisitions.
Dividends come out of shareholders' equity and weaken the company's financial strength.
If a dividend is paid nevertheless, it'd be better to do so annually rather than quarterly to save expenses.
Don't Management and Directors have a fiduciary duty to
raise cash for CSV by selling its treasury stock above $20 also.
Note recent filings of selling by insiders.
The Wall Street Journal recently reported that as of February
public-companies planned to pay over $300 billion cash-dividends
and buy back over $100 billion stock in 2013.
Most of this "return of capital" is certainly both imprudent and
inappropriate because doing so weakens the financial strength of
companies and reduces the fundamental values of their shares.
A substantial part of that money covers fees for mutual-funds.
The extremely low interest-rate environment in the U.S.
enables and justifies such reckless behavior.
This risky activity also threatens our interests to the degree that
the global economy overall is jeopardized. Therefore, so-called
"income" stock-funds and highly-levered private-equity operations
are anathema to and high-priority targets for Investors Liberation.
Merrill Lynch, Morgan Stanley, and Goldman Sachs are notorious
nests where Vampire fund-managers congregate to press for their
bloodsucking agendas.
Parenthetically, Vampires also hold a disproportionately large
concentration of the health-hazmats such as tobacco stocks.
They're likely leaders in collusion of manipulating stock-prices too.
Giving "more time" and blood to them is sheer folly.
Expose them to bright sunlight!