A firm has had the following earnings history over the last five years: Year 2014 2013 2012 2011 Earnings per Share $2.50 2.00 1.75 1.25 If the firm's dividend policy was based on a constant payout ratio of 50 percent for all of the years with earnings over $1.50 per share and a zero payout otherwise, the annual dividends for 2012 and 2015 were 1) $0.50 and $1.25, respectively 2) $0 and $2.00, respectively 3) $0 and $1.25, respectively 4) $0 and $0.88, respectively