Below is information from the statement of cash flow and income statement for AXY, Inc. for 2016 and 2015. AXYs tax rate is 35%. Marketable securities represent investments of excess cash that AXY does not need for operations. Assume that any change in cash account is required for liquidity.

Cash Flow Statement (in thousands)

2/30/2016 12/30/2015

Cash from operations

Net cash provided by operations $106,484 $113,880

Cash from investments

(Increase) decrease in property & plant -31,526 -47,960

(Aquisition)disposition of subsidiaries or other business -702 -19

(Increase) decrease in marketable securities -18,835 380,737

Net cash provided by (used in) investing -51,063 332,758

Cash from financing

Issuances (purchases) of equity shares -307 -435,570

Issuances (repayments) of debt - -

Increase (decrease) in bank, or other borrowings -25,000 25,000

Dividends, other distributions -29,377 -36,202

Net cash provided by (used in) financing -54,747 -446,772

Net change cash & cash equivalents 674 -134

Cash and cash equivalents at start of year 3,255 3,389

Cash and cash equivalents at year end 3,929 3,255

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Interest Revenue 50 35 Interst Paid 394 1400

Questions:

a. Beginning with cash flows from operating activities, calculate the amount of free cash flows to all debt and equity capital stakeholders for AXY for 2016, and 2015.

b. Beginning with cash flows from operating activities, calculate the amount of free cash flows AXY generated for common equity shareholders in 2016, and 2015.

c. Reconcile the amounts of free cash flows AXY generated for common equity shareholders in 2016, and 2015 from question b with AXYs uses of cash flows for equity shareholders, including share repurchases and dividend payments.