Assume you are using the constant growth TCFM (total cash flow model). When a firm is paying dividends and making share repurchases, the growth rate of dividends per share is ________ the growth rate of total distributions. Suppose the required return is 10%, the dividend yield is 3%, and the repurchase yield is 3%. The percentage of outstanding shares repurchased each year is slightly _____ 3%.

		greater than, greater than
		greater than, less than
		less than, greater than
		less than, less than