Alternative dividend policies Given the earnings per share over the period 2012-2019 shown in the following table, 5, determine the annual dividend per share under each of the policies set forth in parts a through d. a. Pay out 50% of earnings in all years with positive earnings. b. Pay $0.50 per share and increase to $0.60 per share whenever earnings per share rise above $0.90 per share for two consecutive years. c. Pay $0.50 per share except when earnings exceed $1.00 per share, in which case pay an extra dividend of 60% of earnings above $1.00 per share. d. Combine policies in parts b and c. When the dividend is raised (in part b), raise the excess dividend base (in part c) from $1.00 to $1.10 per share. e. Compare and contrast each of the dividend policies described in parts a through d. a. If the firm pays out 50% of earnings in all years with positive earnings, the annual dividend the firm would pay in year 2014 is $0.3. (Round to the nearest cent.) Data Table (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Year 2019 2018 2017 2016 2015 2014 2013 2012 Earnings per share $1.40 $1.56 $1.20 $0.85 $1.05 $0.60 $1.00 $0.44