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To: Bearded One who wrote (7028)	11/4/1997 7:53:00 PM
From: Bilow	of 18056

How's about Real dividends = Stated Dividends - Share Dilution - Employee stock option change. Example, TXN for 1996 vs 1995: ti.com ti.com Number of shares decreased that year. Shares Dec 31, 1995: 193.6M Shares Dec 31, 1996: 192.1M Change: -.77% We should also take into account the change in the value (at current stock price) of unexercised employee stock options. The actual stock price doesn't matter, provided the bulk of the options are in the money. So use stock price of $114: Dec 31, 1995: 7.88M at $29.24 plus 1.13M at $56.13 = worth $733M Dec 31, 1996: 9.91M at $33.91 plus 1.20M at $57.31 = worth $862M So change in option value was $128M, or $0.66 per share. So I get total real dividends of: Apparent dividend yield: 0.64% Decrease in number of shares: +0.77% Increase in ESO value: -0.66% ------ Real dividend yield: 0.75% -- Carl

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