Alternative dividend policies Given the earnings per share over the period 2015-2022 shown in the following table, 3, determine the annual dividend per share under each of the policies set forth in parts a through d. a. Pay out 60% of earnings in all years with positive earnings. b. Pay $0.60 per share and increase to $0.70 per share whenever earnings per share rise above $1.00 per share for two consecutive years. c. Pay $0.60 per share except when earnings exceed $1.10 per share, in which case pay an extra dividend of 70% of earnings above $1.10 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 $1.10 to $1.20 per share. e. Compare and contrast each of the dividend policies described in parts a through d. C. a. If the firm pays out 60% of earnings in all years with positive earnings, the annual dividend the firm would pay in year 2015 is $ . (Round to the nearest cent.) b. If the firm pays $0.60 per share and increases the dividend to $0.70 per share whenever earnings per share rise above $1.00 per share for two consecutive years, the annual dividend the firm would pay in year 2015 is $ . (Round to two decimal places.) c. If the firm pays $0.60 per share except when earnings exceed $1.10 per share, in which case pay an extra dividend of 70% of earnings above $1.10 per share, the annual dividend the firm would pay in year 2015 is $. (Round to two decimal places.) raised (in part b), it raises the excess dividend base (in part c) from $1.10 to $1.20 per share. The annual dividend the firm would pay in this d. If the firm combines policies in parts b and c, when the dividend case in year 2015 is $ (Round to two decimal places.) e. Compare and contrast each of the dividend policies described in parts a through d. Which policy uses a constant-payout ratio? (Select the best answer below.) Year 2022 2021 2020 2019 2018 2017 2016 2015 Earnings per share $1.26 $1.66 $1.23 - $0.61 $1.05 $0.64 $0.91 $0.36