Based on this, what is the payout ratio of FPL??? I'm having trouble getting a percentage with total dividendet income. It says the payout ratio in 1993 is 91%, but how did they find that using that formula. What is it for the other yearts?

Exhibit 5 FPL Group, Inc. Cash Flow Statement for the Years 1989 to 1993 (in thousands) Source: 1989 - 1993 Annual Reports for FPL Group, Inc. Exhibit 4a FPL Group, Inc. Income Statement for the Years 1989 to 1993 (in thousands) Note: Preferred stock dividends result from intercompany transactions and are not tax-deductible. Source: 1989 - 1993 Annual Reports for FPL Group, Inc. Exhibit 4b FPL Group, Inc. Earnings and Dividends Per Common Share 1984 to 1993 Note: "Earnings per share before extraordinary items" excludes gains or losses from discontinued operations and charges relating to cost reduction programs. Sources: FPL Group, Inc. annual reports 1989 to 1993, Value Line, Inc., June 17, 1994 Exhibit 7 Investor-Owned Utilities in the Southeast United States in 1993 Notes: (a) Annual Load Factor is the average level of capacily used by the utility. (b) Capacity Margin = (Total Capacity - Peak Load in Summer) Total Capacily. (c) Busbar Cost is the unit oulput cost of electric power coming out of a generating plant, before transmission and distribution. (d) Incremental Generation Cost is the marginal cost to produce an additional kilowatt-hour