The Hastings Sugar Corporation has the following pattern of net income each year, and associated capital expenditure projects. The firm can earn a higher return on the projects than the stockholders could earn if the funds were paid out in the form of dividends.

Year Net Income Profitable Capital Expenditure 1 $ 17 million $ 8 million 2 24 million 12 million 3 18 million 6 million 4 17 million 8 million 5 16 million 9 million

The Hastings Corporation has 3 million shares outstanding Assume the payout ratio in each year is to be 40 percent of the net income and the firm will pay a 30 percent stock dividend in years 2 through 5, how much will dividends per share for each year be?

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