The following selected information (in millions, except for per share information) is available for the National Bank of Canada for the year ended October 31:

	2007	2006
Weighted average number of common shares	160	163
Net earnings	$541	$871
Total common cash dividends (per share)	$364($2.28)	$320($1.96)
Total preferred cash dividends	$21	$21
Average common shareholders' equity	$4,312	$4,292
Price per common share	$54.65	$61.25

Industry averages were as follows:

	2007	2006
Payout ratio	12.2%	n/a
Dividend yield	3.2%	3.1%
Earnings per share	n/a	n/a
Price-earnings ratio	13.8 times	12.6 times
Return on common shareholders' equity	19.0%	19.9%

Instructions:

(a) Calculate the following ratios for the common shareholders for each fiscal year:

1. Payout ratio

2. Dividend yield

3. Earnings per share

4. Price-earnings ratio

5. Return on common shareholders' equity

(b) Comment on the above ratios for 2007 in comparison to the prior year, and in comparison to the industry.