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:

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. Return on common shareholders' equity
(b) Comment on the above ratios for 2012 in comparison with the prior year, and in comparison with the industry.

2011 2012 161.4 $1,518 Welghted average number of common shares Profit available to common shareholders Common cash dividends per share Total common cash dividends Average common shareholders equity Market price per common share $1,137 2.74 437 5,535 69.61 77.18 Industry averages were as follows: Payout ratlo Dividend yleld 30.0% 40.0% n/a 24.4 n/a Return on common shareholders' equity 17.7