Union Pacific's statement of shareholders' equity for the year 2008 is reproduced

1. Based on the dividends paid during 2008, how many shares of stock were outstanding when the dividends were paid?
2. Why isn't the number of shares receiving dividends exactly the same as the number of shares outstanding on December 31 as indicated in the statement?
3. Compute Union Pacific's dividend payout ratio for each year. Has that number increased or decreased overtime?

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Accumul ated Other Comprehensive Income/(Loss) (note 8) Millions of Dollars Common Treasury Common Shares Paid-in- Retained Thousands of Shares Kuns eau Shares Shares Surplus Earnings Stock Total Balance at January 1, 2006 275,799 689 $ $3,915 $ 9,932 $13,707 (19 1'6) Comprehensive income: Net income 909'I 909'T Other comp. income 167 Total comp. income (note 8) 167 1,773 909't FAS 158 adoption tnote 4) Conversion, stock option exercises, forfeitures, and other Cash dividen ds declared ($1,20 per share) (60 234 (621 163 3,374 82 (323) (323) Balance at December 31, 2006 275,962 069 $ $3,943 $11215 (142) $15,312 (06L'S) (6E) $ Cumlative effect of adoption of FlN 48 Inote 6) (2) Balarce at January 1, 2007 275,962 Ev6'E$ $11,208 (142) (06L'S) 069 $ SOE SIS Comprehensive income: Net income 1,855 1,855 Other comp. income 89 68 89 1,923 Total comp. income (note 8) 1855 Conversion, stock option exercises, forfetures, and other Share repurchases inote 16) Cash dividen ds declared ($1 49 per share) 007 3,122 (12,624) 227 210 (1,457) (1,457) (966) $15,585 (96E) Balance at December 31, 2007 276,162 15,292) 069 $ $3,926 $12,667 $1,624) Comprehensive income: Net in come Other comp. income/lloss) 2,338 2,338 (DE9) (DE9) Total comp. income (note 8) 2,338 80L'T 182 (1,527) (DE9) 452 (22,176) 276,162 3,210 Conversion, stock option exercises, forfetures, and other Share repurchases Inote 16) Common stock dividend (note 2) Cash dividends declared ($0.98 per share) (1,527) 15,292) (1691 (1O9) 169 (TOS) $15,447 Balance at December 31, 2008 552,776 (49,550) $1,382 $3,949 $13,813 (866'टs (tozis