The following financial information is available for Flintlock Corporation.

(in millions)                                                                2019                2018

Average common stockholders’ equity…………....….$2,532………..$2,591

Dividends declared for common stockholders………..298…………....611

Dividends declared for preferred stockholders………...40……………..40

Net income…………………………………………....................….504……………555

Instructions

Calculate the payout ratio and return on common stockholders’ equity for 2019 and 2018.

Comment on your findings.