Now this is dividend growth!Â However,Â are these dividend increases sustainable?Â
For the second time in 2006, the board of directors has approved an increase in the cash dividend. The board increased the cash dividend 23.1%, effective with the fourth quarter payment. The fourth quarter dividend of $.16 per share is payable on December 1, 2006, to shareholders of record at the close of business on November 17, 2006.
The board of directors also approved an additional cash dividend increase, effective with the first quarter of 2007. The first quarter cash dividend payment of $.185 per share, which is 15.6% higher than the fourth quarter payment of $.16 per share, is payable on March 1, 2007, to shareholders of record at the close of business on February 16, 2007. As a result of these actions by the board, the dividend in the first quarter of 2007 will be 42.3% higher than the dividend in the first quarter of 2006.