8.0 percent, while in 1989, earnings increased to 9.2 percent (Mulqueen, 1991). Earnings on net worth decreased 13.3 percent from 1986 to 1990, although there was some fluctuation during the period. The annual earnings on net worth were as follows: 1986 11.9 percent; 1987 11.7 percent; 1988 11.1 percent; 1989 11.5 percent; and 1990 10.5 percent (Mulqueen, 1991).
Equity Stock Performance. Earnings per share ranged from a low of $3.62 to a high of $3.91 during the 1986 1990 time period. The annual earnings per share were as follows: 1986 $3.83; 1987 $3.91; 1988 $3.62; 1989 $3.91; and 1990 $3.65 (Mulqueen, 1991). Dividends per share increased 6.8 percent over the five year time period. Annual dividends per share data were as follows: 1986 $2.37; 1987 $2.41; 1988 $2.45; 1989 $2.49; and 1990 $2.53 (Mulqueen, 1991). Book value per share increased 3.4 percent from 1986 to 1990, although the high book value was recorded in 1987. Annual book value per share data were as follows: 19
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