International Flavors \& Fragrances, Inc., is the leading creator and manufacturer of flavors and fragrances used by others to impart or improve flavor or fragrance in a wide variety of consumer products.

Use the following excerpt from International Flavors \& Fragrances Inc.'s 1995 annual report to calculate the dividend yield on common stock and the payout ratios. Then comment on the results.

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Earnings per share Dividends per share ($) Stock price per common share ($) 1995 1994 1993 $ 2.24 $ 2.03 $ 1.78 1.24 1.08 1.00 48.00 46.25 39.38