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Over the past few years, DermaSkin has had the following earnings per share: Year Earnings Per Share 2012 $1.20 2013 $1.30 2014 $1.40 2015 -$0.70

Over the past few years, DermaSkin has had the following earnings per share: Year Earnings Per Share 2012 $1.20 2013 $1.30 2014 $1.40 2015 -$0.70 2016 $0.80 2017 $0.50 a. If the firms dividend payout policy was a constant payout ratio of 40% when earnings were positive and 0% otherwise, what would be the annual dividend for 2016?

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