Solve in excel

The Claustrophobic Solution, Inc., a residential window and door manufacturer, has the following historical record of earnings per share (EPS) from 2011 to 2007:

	2011	2010	2009	2008	2007
EPS	$1.10	$1.05	$1.00	$0.95	$0.90

The companys payout ratio has been 60% over the last five years and the last quoted price of the firms share of stock was $12. Flotation costs for new equity will be 6%. The company has 32,000,000 of common shares of stock outstanding and a debt-equity ratio of 0.5.

If dividends are expected to grow at the same arithmetic average growth rate of the last five years, what is the dividend payment in 2012?