Globile Corporate is a public corporation listed on the Toronto Stock Exchange. The company has three classes of shares, as follows:
• Common shares (no par-value, unlimited authorized)
• Series A preferred shares (no par value, $0.75 cumulative, nonparticipating)
• Series B preferred shares (no par value, $0.50 non-cumulative, participating with common shareholders after the common shareholders receive $0.25 per share; participation is based on relative number of shares outstanding).
The following is a partial statement of changes in equity for Globile from 20X1 to 20X4 is as follows:

A friend of yours is a common shareholder of Globile and has approached you with the following concern:
I have just reviewed the most recent financial statements of Globile. I do not understand why the dividend per share has been so volatile. Another thing that is confusing to me:
Total dividends paid have gone up, but I would have expected to see a more significant increase in my per-share amount. How does that make sense when the preferred shares have a fixed amount per share?

Required:
Interpret the information presented, and prepare an explanation for your friend.

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31 December Common shares-shares issued and outstanding Common share capital Preferred shares-Series A (100,000 issued) Preferred shares-Series B (600,000 issued) Total Share Capital Retained earnings, opening Net income Common shares-Dividend Preferred shares-Series A-Dividend Preferred shares-Series B-Dividend Retained earnings, ending Total equity 20X1 20X2 20X3 4,500,000 4,500,000 3,046,000 3,046,000 3,411,520 3,502,900 $44,167,000 $50,307,736 $51,641,884 $55,266,624 20X4 4,500,000 4,500,000 3,450,000 3,450,000 3,450,000 3,450,000 $52,117,000 $58,257,736 $59,591,884 $63,216,624 4,827,900 4,264,770 3,916,321 3,840,492 1,448,370 1,279,431 1,174,896 1,152,148 (1,429,849) (1,187,054) (875,725) (2,015,097) (150,000) (75,000) (75,000) (75,000) (431,651) (365,826) (300,000) (513,933) $4,264,770 $3,916,321 $3,840,492 $2,388,610 $56,381,770 $62,174,057 $63,432,376 $65,605,234