The following financial information (in millions except for market price per share) is for two major corporations for the three fiscal years ended December 31 as follows:

Instructions
(a) Calculate earnings per share and the price-earnings and dividend payout ratios for each company for 2011, 2010, and 2009. Comment on whether their ratios have improved or deteriorated.
(b) Compare Canadian Pacific's ratios with Canadian National's.
Taking It Further
Why is the presentation of fully diluted earnings per share required under IFRS, given that it is a hypothetical number?

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Canadian Pacific Railway Limited Weighted average number of common shares Profit Dividends Market price per share (December 31) 2011 169.5 570 $ 198 $67.67 2011 451.1 $2,457 585 $78.56 2010 168.8 $ 651 179 $64.81 2010 466.3 $2,104 503 S66.47 2009 166.3 550 s166 $54.00 2009 Canadian National Railway Company Weighted average number of common shares Profit Dividends Market price per share (December 31) 469.2 $1,854 $474 $54.36