Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table: a. If the firm's dividend policy were based on a constant payout ratio of 40% for all years with positive earnings and 0% otherwise, what would be the annual dividend for 20122 b. If the firm had a dividend payout of $1.00 per share, increasing by S0.10 per share whenever the dividend payout fell below 50% for two consecutive years, what annual dividend would the firm pay in 2012? C. If the firm's policy were to pay $0.50 per share each period except when earnings per share exceed $3.00, when an extra dividend equal to 80% of earnings beyond $3.00 would be paid, what annual dividend would the firm pay in 2012? d. Discuss the pros and cons of each dividend policy described in parts a through c. a. If the firm's dividend policy were based on a constant payout ratio of 40% for i Data Table - X (Round to the nearest cent.) b. If the firm had a dividend payout of $1.00 per share, increasing by $0.10 per dividend the firm would pay in 2012 is (Round to the nearest cent.) (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 Earnings per share $423 $4.84 $4.42 $390 $3.04 Year 2014 2013 2012 2011 2010 Earnings per share 5 $2.94 $1.93 $1.54 - $1.98 $0.42