1. Concave Systems presently has earnings before interest and taxes of $3 million. Its interest expenses are $500,000 a year, and it pays $600,000 in annual dividends to its shareholders. Concave has 300,000 common shares outstanding, and its tax rate is 40 percent. Its annual capital expenditures are $900,000. Concave's present price- to-earnings ratio is 12.

a. Calculate the company's earnings per share.

b. Calculate the company's dividend payout ratio.

c. Calculate the company's dividend yield.

14. On Friday, August 6, the board of directors of Cisco Industries declares a $0.22 quarterly dividend payable on September 15 to stockholders of record on Tuesday, August 24. When is the ex-dividend date? If you purchase the stock on this date, are you entitled to receive the dividend?