I would not divide this orchid, but would consider repotting if that medium is not fresh. It looks perfectly healthy. You really should only divide when you can include at least three back p-bulbs with each new growth. The older p-bulbs, though they never will bloom again, provide nourishment to the newer growth. Eventually, the older ones will shrivel up and die away. Once they are dead and dry, they are easily removed from the potting medium.