Suppose B&E Press paid dividends at the end of each year according to the schedule...
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Suppose B&E Press paid dividends at the end of each year according to the schedule below. It also reduced its share count by repurchasing 5 million shares at the end of each year at the ex- dividend stock prices shown. (Assume perfect capital markets.) 2009 2010 2011 2012 2013 Ex-Dividend Stock Price ($/share) 12.00 14.00 8.00 11.00 15.00 + Dividend ($/share) 0.50 0.50 0.50 0.50 Shares Outstanding (millions) 105 100 95 90 85
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