The following is selected financial information for Lee Incorporated:

Required
a. Calculate the return on equity for Lee Incorporated for 2012 and 2011. Round percentages to one decimal point (i.e., 9.4%).
b. Calculate the dividend payout ratio for 2012 and 2011. Round percentages to one decimal point (i.e., 9.4%).
c. Compare the financial performance for the two years and comment on which year was more successful, based on these measures, and possible reasons why.

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(in millions) Average common stockholders equity $3,430.5 $2,921.6 Dividends declared on common stock 125.5 Net income 2012 2011 104.3 7759 691.4