The board of Kopi Industries is considering a new dividend policy. The recent past has witnessed earnings per share (EPS) and dividends paid per share as follows: Year 2009 2010 2011 2012 Earnings per share (EPS) $1.75 1.95 2.05 Dividend per Average price per share share $0.95 $38 1.20 42 1.25 42.5 1.30 44 The dividend payout ratio ? ? ? ? 2.25 a. Calculate the dividend payout ratio for each year. Dividend payout ratio = b. Based on Kopi's historical dividend payout ratio, discuss whether a constant payout ratio would benefit shareholders