S Millions Net income Cash flow from operations Capital expenditures Net borrowing Dividends paid Stock repurchases 20X1 $112.50 $132.00 $150.00 $75.00 $45.00 $3.00 20X0 $98.50 $115.00 $43.00 $22.00 $42.88 $42.00 Additional information Current share price $40.00 Shares outstanding 56,250,000 Target debt-to-equity ratio 1 to 1 Cost of equity 8.00% Constant growth rate 5.20% The 20X1 dividend coverage ratio and the FCFE coverage ratios are: 2.34x and 2.20x, respectively 2.34x and 1.19x, respectively. 2.15x and 2.29x, respectively 2.34x and 2.5x, respectively 2.15x and 1.11x, respectively