The following data is provided for Sage Corporation for the years 2022 and 2023, total shareholders' equity at the end of 2021 is $265,400.

Sage Corporation
		2022		2023
Net income		$148,900		$154,800
Shareholders' equity		$289,600		$342,050
Weighted average number of common shares		55,400		57,500
Dividends declared per common share		$0.40		$0.45
Market price per common share		$9.60		$9.98
Weighted average number of preferred shares		18,500		19,980
Dividends declared per preferred share		$0.75		$0.75
Industry ratios:
Payout ratio				28.0%
Return on common shareholders' equity				35.0%

Select which of the following statements are correct:

a. Sage pays out a greater proportion of its net income to shareholders through dividends than what is indicated by the industry average.

b. The return on common shareholders equity for 2022 is 35.3%.

c. Sage Corporations dividend yield for 2023 is 4.5%

d. The dollars earned for each dollar invested by Sage common shareholders was higher than the industry average for 2023.

e. The basic earnings per share ratio for 2023 is $2.69.

f. The companys earnings performance as measured using the basic earnings per share ratio has declined in 2023 from 2022.

g. The payout ratio has increased by 2.2% in 2023 over 2022.

h. The companys dividend yield for 2022 is 28%.