LOCO is supply hunting, since the announcement of the special dividend. $16.70 & 11.72 are where supplies are. Depending on how you trade, you can be a directional trade and be long, or if you're just interested in the dividend here is a strategy below to hedge your risk.
The strategy requires a minimum of buying 100 shares, and additional positions need to be in increments of 100 shares -
Buy 100 shares (-1) At the money calls (+1) at the money puts
In the example above, your call/put options should be free because the call would have high IV and the credit would cover the cost buying the put.