Jamok,

My intent with dividend re-investment is to allow me to add NOK shares at what I consider low prices.  Any gains on the reinvested money over the next few years will be tax deffered, it also allows me to further dollar cost average on the shares at these low prices (as I stated above) however, uncle Sam will extract its pound of flesh if it is on a NON-Retirement acount.  If that reinestment takes place in a Tax deffered account such as IRA, ROTH IRA, Roll-Over-IRA, then the cdividend as well as the gains are NOT taxed until distributuions start.  Sorry if I was not clear about my post.