At REL Ltd

Multiple Choice

At REL Ltd., earnings per share over a five year period were (from earliest to latest) $2.00, $0.50, $1.20, $2.40, $1.75. In the same period, dividends per share were $0.50, $0,50, $0,50, $0.75, $0.75. What best describes this result?

A) Stock dividends.
B) Share repurchases.
C) dividend signalling.
D) Dividend smoothing.
E) Residual dividends.