I think people need to relax a bit about the level of dilution.
1) It's only 17% when earnings from operations is growing 200%
2) YHGG hasn't issued a single share for 5 years and it's getting them nowhere? Trading at 5% of book value now.
3) Some of the shares, if not most, are probably stock or option incentives for employees.
4) We are already at 72M and the weighed average will be 70.5M for 2012. Meaning, there will hardly be any dilution going forward.
5) I think it provides management with some flexibility. When you're living on the edge, with cash close to zero, there is an added benefit. Because this way you won't have to maintain a buffer of say $10M.
6) You never know what the share price will be, like 6 months from now. Management has to plan ahead 1 to 2 years.
What it is NOT, dilution, is confirmation by mangement that the stock is fairly priced. Come on people... you know that.
