When Dell, Inc. (NASDAQ: DELL) releases quarterly results Thursday how will it do? Dell has managed to quickly enter the consumer retailer market, which has helped it stave off the more valiant Hewlett-Packard Corp. (NYSE: HPQ) from running away with just about ever retailer PC sale these days. But investors are bound to say, "that was yesterday -- what have you done for me today?"

Analysts are expecting the company to report earnings of 33 cents per share on revenue of $15.66 billion, according to Thomson Reuters. Although Dell announced a $1 billion share buyback plan just a few months ago, it needs to all it can to not let its stock price implode. The growth may be over (permanently), and the brand may not be the premier name it once was. Add that to the fact that the competition (most notably H-P) enjoys every cost savings Dell once did, and the picture become way less rosy.

Does Dell have any angles left? From a fundamental PC selling standpoint, it's hard to make that argument. In terms of Micheal Dell's famous comment that Apple, Inc. (NASDAQ: AAPL) should be sold off in pieces and money returned to shareholders. My, my how the tables have turned. Still, Dell is not going anywhere fast and its stock price could be languishing in the dust for quite some time.

Kevin Rollins, the former CEO of DELL (NASDAQ: DELL) has gotten $48.5 million for stock options he earned while at the company. The odd part about the deal is that, according to The Wall Street Journal, the "cash payment program [will] include expired options." That is, options that he no longer has any rights to.

Such an arrangement is unusual. Normally such payment would be made only for options still owned by a former officer or employee.

Well, it is good to be king, or ex-king anyway. The buyout becomes another in a long line of special treatment given to CEOs who have been pushed out for lack of performance. Dell's earnings faltered under Mr. Rollins and the company ran into accounting problems that are still being investigated by the federal government.

Dell and Mr. Rollins will undoubtedly be criticized for the special deal, but he has his money to keep him warm at night.

Douglas A. McIntyre is a partner at 24/7 Wall St.