bar1080, TPL (though technically a trust..with 3 trustees) pays taxes
and pays dividends like a regular C Corp. TPL has historically used
its income to pay minor dividends and buy back (and cancel) shares.
Recently, TPL has started up a full-service water business in part
because they own the water rights on their land and can more easily
transport it by water line because of that land ownership. As earnings
have grown so has the special dividends the company pays out. TPL
still buys back and cancels shares but not as much as when the PE was
lower. TPL never issues any new stock (no management grants of stock
or options.) However, they may split the stock...the last one was a
5:1 stock split.
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