Dividend Stability Dividends begin at 50%of earnings, but are stable and increase only when supported by growth in earnings 50% dividend-payout Earnings per share rate with stability 3 Dividends per share Time 18-1618-16 Dividend Stability Dividends begin at 50% of earnings, but are stable and increase only when supported by growth in earnings. Dollars Per Share 3 4 2 1 Earnings per share Dividends per share Time 50% dividend-payout rate with stability