Time Warner Cable (NYSE: TWC), which paid a hefty special dividend of $10.27 a share earlier this year after being spun off from parent company Time Warner (NYSE: TWX) may use some of its excess cash to deliver more dividends to shareholders.

The company is trying to reduce its debt and get its debt ratings back to investment grade, but noted that investors frequently inquire about regular dividends and share buybacks.

A Time Warner Cable executive said the company has recently begun discussing those plans with its board.

Chief Executive Officer Glenn Britt said that to the extent the company has excess cash, "we need to get that back to shareholders" and that cable is the "kind of business that should pay a dividend."

Time Warner Cable generated over $1 billion in free cash flow in the first half of 2009, so it is reasonable to expect that the company may initiate a regular dividend payment once its debt load is reduced. Net debt totaled $22.4 billion as of June 30, 2009.