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You have been asked to assess the dividend policy of Spring Tide Inc., a consumer product company and have been given the last two years of data on the company. 2013 2014 Revenues $1,000 $1,100 $500 $560 EBITDA $400 $440 EBIT Net Income $150 $180 Total Working Capital (including cash) $100 $120 Cash (invested in T.Bills) $40 $80 Total Debt $90 $120 The company also had capital expenditures of $150 million in 2014 and made a cash acquisition of $50 million in 2014. If Spring Tide bought back $50 million of its own stock in 2014, estimate the dividend payout ratio for Spring Tide in 2014. (Dividend payout = Dividends as a percent of net income). (Hint: estimate FCFE, then subtract change in cash, and the buyback amount to get dividends). O a. Payout ratio = 33.33% O b. Payout ratio = 100% O c. Payout ratio = 66.67% O d. Payout ratio = 46.33%