Huzzah, "Dividends -- Part III" is done. Next installment is still in the plotting stage (see below). I know what I want to do and cover, but the how is not so solid. I've got a couple ideas, though, so hopefully it won't stall out for too much longer. Especially now that I don't have to worry about "Dividends -- Part III" any more.

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*How Snowy defines and divides up the phases/stages:

Planning: All the text notes and ideas that go into an installment, before panels are laid out or Photoshop even opened. Test dialogue/rough scripts are hashed, re-hashed, or tossed out entirely. The major editing and scene decisions go here.
(Barring a significant brainstorm or epiphany, this work is pretty much done for all installments. Yay.)

Plotting: Page layouts. Basically, the bare bones of the comic. No pictures at this stage, just the panel lines and (sketchy) dialogue bubbles (complete with dialogue).

Rough: Panels given actual content. Loose backgrounds (where applicable) and character construction lines, complete with simplified expressions. In panels where color/pattern is the important factor (often, no character present in frame), color keys are used.
(Goes very closely with the plotting stage. More than once, actually, I've been in the rough stage and realized that a page layout just isn't working. So, the page goes back to plotting in order to solve the problem.)

Refined: Really only applies to characters, since backgrounds and color keys are left unchanged from rough stage. Using construction lines (and attendant simplified expressions) as guides, characters are drawn in detail and (hopefully) on-model.

Inking/Coloring: I do them both as I go along, one panel at a time, hence lumping them together. Precisely what it sounds like. Includes replacing the sketchy, placeholder dialogue bubbles of the plotting stage with the nice, perty ones seen in the final version; also any other touch-ups and polishing before the whole thing's officially finished.