Recent year-end market price and financial statement information for Wal-Mart Stores, Inc., the largest retailer in the world, is provided as follows:

a. How has the market price of Wal-Mart compared to earnings per share for 2002–2004? Round to two decimal places.
b. What information should be reported to compare earnings over time and acrosscompanies?

Year 2004 2003 2002 Year-End Market Price per Share $52.33 51.33 48.75 Net Income (basic, millions) 10,267 9,054 7,955 Common Stock Dividend per Share $0.52 0.36 0.30 Number of Common Shares Outstanding (weighted, millions) 4,259 4,363 4,430