insane dividends

[wzebra33]

Nov 12, 2010 (BUSINESS WIRE) -- Stein Mart, Inc. /quotes/comstock/15*!smrt/quotes/nls/smrt (SMRT 10.17, +0.28, +2.83%) today announced that its Board of Directors declared a special dividend of $0.50 per common share.

"Over the past two years, we have restored profitability and significantly strengthened our balance sheet and cash position, which totaled $80.5 million at third quarter end," commented David H. Stovall, president and chief executive officer. "Based on our confidence in the business and its ability to generate cash flow to fund store growth and other capital needs, we believe it is appropriate to return cash to our shareholders with this special dividend."

The dividend is payable on December 22, 2010 to shareholders of record on December 8, 2010 and is expected to total approximately $22 million.