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Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table a. If the firm's dividend policy were based on a constant payout ratio of 40% for all years with positive earnings and 0% otherwise, what would be the annual dividend for 2012? b. If the firm had a dividend payout of $1.00 per share, increasing by $0.10 per share whenever the dividend payout fell below 50% for two consecutive years, what annual dividend would the firm pay in 20122 c. If the firm's policy were to pay $0.50 per share each period except when earnings per share exceed $3.00, when an extra dividend equal to 80% of earrings beyond $3.00 would be paid, what annual dividend would the firm pay in 2012? d. Discuss the pros and cons of each dividend policy described in parts a through a. If the firm's dividend policy were based on a constant payout ratio of 40% for all years with positive earnings and 0% otherwise, the annual dividend for 2012 (Round to the nearest cent.) Data Table (Click on the icon located on the top right corner of the data table below in order to copy its contents into a spreadsheet.) Year Earnings per share 2019 2014 2018 2013 Earnings per share $474 HO $3.01 $321 $422 2017 $1.90 $1.86 - $1.34 $0.55 2016 2011 2015 2010 Print Done Enter your answer in the answer box and then click 4 Parts Check Answer Clear All