Alternative dividend policies Given the earnings per share over the period 2012-2019 shown in the following table, 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. Year Earnings per share 2019 $1.40 2018 $1.56 2017 $1.20 2016 -$0.85 2015 $1.05 2014 $0.60 2013 $1.00 2012 $0.44