Why is the dividend payout ratio is 0.64 in 1990

1986 1987 1988 1989 1990 Income Statement Summary Sales $5,652 $6,990 $7,863 $8,281 $7,406 Earnings before interest and taxes (EBIT) $ 568 $ 901 $1,037 $ 708 $ 795 Interest expense (net) (147) (188) (186) (194) (195 Income before taxes $ 421 713 $ 851 $ 514 $ 600 Income taxes (144) (286) (173) (206J (266) 37% Tax rate 34% 33% 34% 34% Net income $ 277 $ 447 $ 565 $ 341 $ 394 Preferred dividends (28) (17) (17) (17) (0 Net income to common $ 249 $ 430 $ 548 $ 324 $ 394 Common shares outstanding (millions) 196 204 204 205 201 Balance Sheet Summary Current assets $1,235 $1,491 $1,702 $1,585 $1,367 Timberland assets 649 625 621 612 615 Property, plant, and equipment 4,370 4,571 5,056 5,430 5,854 Other assets 360 555 473 472 429 Total assets $6,614 $7,242 $7,852 $8,099 $8,265 Current liabilities $1,226 $1,186 $1,206 $1,606 $1,816 Long-term debt 1,120 1,340 1,585 1,346 1,585 Deferred taxes 1,000 1,000 1,016 1,000 1,000 364 350 350 400 0 Equity-preferred Equity-common 2,904 3,366 3,695 3,747 3,864 Total liabilities and equity $6,614 $7,242 $7,852 $8,099 $8,265