Indus Company expects with some degree of certainty to generate the following net income and to have the following capital expenditures during the next five years (in thousands of dollars):

Net Income

3000

1000

2000

1800

1500

Capital Expenditures

1500

1000

1500

2000

2500

The company currently has $8000 shares of common stock outstanding and pays annual dividends of $1 per share. Determine dividends per share and external financing required in each year if dividend policy is treated as a passive policy decision.