Calculate Dividend Payout Ratio?

Exhibit 3 Linear Payout Policy, 1992-2003 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{\begin{tabular}{l} Fiscal \\ Quarter \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{l} Stock Re- \\ Purchase \\ (SM) \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{l} Dividends \\ Per Share? \\ (S) \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{l} Stock \\ Splits \\ (Date) \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{c} Share \\ Price \\ (S) \end{tabular}} & \multirow[b]{2}{*}{\begin{tabular}{c} Shares" 2 \\ (M) \end{tabular}} & \multicolumn{4}{|c|}{ Market Reaction } \\ \hline & & & & & & Dividend b & Eamings b & \begin{tabular}{c} ULTC \\ Retum \\ (5) \end{tabular} & \begin{tabular}{c} SOX \\ Return \\ (*) \end{tabular} \\ \hline Q1 93 & & 0.00000 & & 2.70 & 281.3 & 13-Oct & 14-Oct & -1.6 & \\ \hline 0293 & & 0.00625 & 2:1(11/3) & 3.19 & 283.1 & & 12-Jan & -1.0 & \\ \hline Q3 93 & 1.2 & 0.00625 & & 3.16 & 283.4 & & 13-Apr & 11.0 & \\ \hline 0493 & & 0.00625 & & 3.61 & 285.4 & & 20Jul & -1.2 & \\ \hline Q1 94 & & 0.00625 & & 4.28 & 294.1 & 12-0ct & 12-Oct & 11.7 & \\ \hline Q2.94 & & 0.00750 & & 4.84 & 287.7 & & 19-Jan & 0.6 & \\ \hline Q3 94 & 0.5 & 0.00750 & & 5.28 & 289.6 & & 19-Apr & -4.1 & \\ \hline 0494 & 0.8 & 0.00750 & & 5.50 & 290.5 & & & & \\ \hline Q1 95 & 6.1 & 0.00750 & & 5.54 & 290.0 & 17-Oct & 17-Oct & 2.2 & \\ \hline Q2 95 & & 0.00875 & & 6.19 & 290.5 & & 18-Jan & 4.7 & 0.5 \\ \hline Q3 95 & & 0.00875 & & 7,00 & 293.2 & & 18-Apr & 1.8 & -5.0 \\ \hline Q4 95 & & 0.00875 & & 8.25 & 294.3 & 25 Jul & 27Jul & 11.7 & 0.2 \\ \hline Q1 96 & & 0.01000 & 2:1(8/11) & 10.38 & 295.2 & & 17-Oct & 14.3 & 7.3 \\ \hline Q2 96 & 3.5 & 0.01000 & & 9.81 & 296.3 & & 17-Jan & 10.6 & 3.6 \\ \hline Q3 96 & 5.0 & 0.01000 & & 10.44 & 299.3 & & 16-Apr & -14.3 & 4.6 \\ \hline Q4 96 & 14.4 & 0.01000 & & 7.50 & 288.6 & 23Jul & 23-Jul & -1.4 & -5.8 \\ \hline Q1 97 & 11.6 & 0.01250 & & 9.22 & 297.5 & & 16-Oct & -11.0 & -1.3 \\ \hline Q2 97 & & 0.01250 & & 10.97 & 299.5 & & 15-Jan & 11.4 & 2.3 \\ \hline Q397 & & 0.01250 & & 11.06 & 301.6 & & 16-Apr & -2.3 & -0.7 \\ \hline Q4 97 & & 0.01250 & & 12.94 & 303.8 & 23Jul & 22-Jul & 8.3 & 3.9 \\ \hline Q1 98 & & 0.01500 & & 17.19 & 306.0 & & 14-Oct & 5.4 & -40 \\ \hline Q2 98 & 50.5 & 0.01500 & & 14.41 & 303.0 & & 13-Jan & 6.6 & 6.4 \\ \hline Q3 98 & 5.9 & 0.01500 & & 17.25 & 306,0 & & 14-Apr & 13.3 & 6.8 \\ \hline 0498 & & 0.01500 & & 15.08 & 307.3 & 21-Jul & 21-Jul & -15.5 & -5.0 \\ \hline Q1 99 & 100.0 & 0.01750 & & 12.50 & 300.7 & & 13-Oct & 11.9 & 9.0 \\ \hline Q2 99 & 8.8 & 0.01750 & & 22.39 & 301.3 & & 12-Jan & 7.9 & 3.1 \\ \hline Q3 99 & & 0.01750 & 2:1(1/29) & 25.63 & 306.1 & 13-Apr & 13-Apr & 0.3 & -6.2 \\ \hline Q4 99 & & 0.02000 & & 33.63 & 307.5 & & 20 -Jul & -10.7 & -6.4 \\ \hline Q1 00 & & 0.02000 & & 29.39 & 308.5 & & 12-Oct & -3.5 & -1.4 \\ \hline Q2 00 & & 0.02000 & & 35.78 & 311.1 & & 18-Jan & 6.1 & -0.5 \\ \hline Q3 00 & & 0.02000 & 2:1(3/6) & 55.00 & 313.1 & 18-Apr & 18-Apr & 15.2 & 13.5 \\ \hline Q4 00 & & 0.03000 & & 63.94 & 315.2 & & 25-Jul & -2.0 & -4.5 \\ \hline Q1 01 & & 0.03000 & & 64.75 & 316.6 & & 17-Oct & -18.3 & -14.6 \\ \hline Q201 & 52.3 & 0.03000 & & 46.25 & 316.0 & & 16-Jan & 8.8 & 1.0 \\ \hline Q3 01 & 11.0 & 0.03000 & & 41.06 & 317.8 & 17-Apr & 17-Apr & 8.5 & 7.2 \\ \hline 0401 & 6.5 & 0.04000 & & 44.22 & 318.9 & & 24Jul & -11.3 & -3.6 \\ \hline Q1 02 & 114.8 & 0.04000 & & 32.80 & 316.3 & & 16-Oct & -10.1 & -9.5 \\ \hline Q2 02 & 3.0 & 0.04000 & & 39.04 & 317.2 & & 15-Jan & -1.1 & -6.5 \\ \hline Q302 & 37.3 & 0.04000 & & 44.22 & 317.1 & 16-Apr & 17-Apr & 4.9 & 3.7 \\ \hline Q4 02 & 66.5 & 0.05000 & & 31.43 & 316.2 & & 23-Jul & 0.5 & -2.9 \\ \hline Q1 03 & 125.0 & 0.05000 & & 20.72 & 311.8 & & 15-Oct & 4.3 & -0.3 \\ \hline 0203 & 1.5 & 0.05000 & & 25.72 & 313.4 & & 14-Jan & -2.4 & -4.2 \\ \hline Q3 03 & 39.2 & 0.05000 & & 30.87 & 312.4 & & & & \\ \hline \end{tabular} Exhibit 2 Selected Linear Financial Data in Millions of Dollars (Except Share Data). 1992-2003 Source: Adapted from Compustut. "Fint three quartes of Franz. bThe diffence between the exerdse price and the market value of L.TC stock could be expenved for tax purposes, leading to large tax adyustments on the cash flow statement. "Other liens inclades long-tem investments and acquisitions fother than capital expenditure), extracedinary items, and other adjustments bo net income