While computing the FCFF and FCFE numbers we do not add back the dividends because...

a. Dividends is a non-cash expense but are not considered as cash flows when valuing firms

b. EBIT is after dividends and NI is before dividends

c. EBIT and NI are both before dividends

d. Dividends are not a cash flow

e. Both EBIT and NI are after dividends