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URL:  http://boards.fool.com/look-at-column-s-which-shows-23377-which-means-30466600.aspx

Subject:  Re: AT&T Date:  1/4/2013  3:04 PM
Author:  dfish Number:  7755 of 11306

Look at column S, which shows 233.77, which means that its $1.80/share annual dividend is 233.77% of its trailing twelve months' earnings per share of 77¢.
However, when I look at the analysts' estimates page on Yahoo...
http://finance.yahoo.com/q/ae?s=T+Analyst+Estimates
...what I see is that the company is expected to earn about $2.38 per share this year and $2.54 in 2014, and that the "Year ago EPS" is listed at $2.20 per share. So I would conclude that the 77¢ EPS figure included one-time charges and that the $2.20 figure was operating earnings, which were more than the $1.76 per share paid in dividends in 2012. Using those numbers, the payout ratio would be 80%. (1.76/2.20)
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