Southern Cities Trucking Company has the following five-year record of earnings per share.

Year _______EPS

2012 .......... $1.40

2013 .......... $2.10

2014 ......... $1.00

2015 .......... $3.25

2016 .......... $0.80

Which of the following procedures would produce higher dividends to stockholders over this five-year period?

a. Paying out dividends at a fixed ratio of 40% of EPS

b. Paying out dividends at a fixed rate of $1 per share