The following summary of the payout, dividend yield, and basic earnings per share ratios is available for four years ended December 31 for Cineplex Inc.:

Instructions
(a) Determine the common dividends per share in each of the years shown above. What are some possible reasons that Cineplex's dividend payout ratio and its dividend yield ratio declined in 2015?
(b) Why do you think Cineplex's payout ratio rose so much in 2013?
(c) If you were one of Cineplex's creditors, what would you think about the company paying out dividends in 2013 and 2014 that exceeded basic earnings per share? Explain.
(d) Derive the company's share price for 2015 and 2014 by using the common dividends per share calculated in part (a) above. How did investors trading Cineplex shares react to the change in the basic earnings per share in 2015?

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2015 20142013 2012 72.3% 122.3% 106.0% 67.2% 3.2% 3.3% 3.2% 4.18% Basic earnings per share $2.13 $1.21$1.33 $1.98 Payout ratio Dividlend vield