DryShips (NASDAQ: DRYS) has undergone a dramatic transformation over the past year. The company has jettisoned vessels to pay down debt, secured capital to shore up its balance sheet, and recently started rebuilding its fleet. DryShips is apparently so confident that it’s back on solid ground that it recently announced the initiation of a quarterly dividend. However, the underlying numbers tell an entirely different story, suggesting this dividend is not on solid ground.