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16 Market Ratios Market Ratios ___________________________________________________ 1 Basic data __________________________________________________________________ 1 Returns_____________________________________________________________________ 2 Relatives ___________________________________________________________________ 3 Percentage change ___________________________________________________________ 3 Data definitions ______________________________________________________ 4 Beta _______________________________________________________________________ 4 Book Value per Share _________________________________________________________ 4 Book Value per Share – Average ________________________________________________ 4 Common Stock – Per Share Carrying Value________________________________________ 4 Dividend Payout______________________________________________________________ 5 Dividend Yield – Fiscal Year-end ________________________________________________ 5 Dividends per Share by Ex-Date _________________________________________________ 5 Earnings per Share Basic – Excluding Extraordinary Items ____________________________ 6 Earnings per Share Basic – Including Extraordinary Items_____________________________ 8 Earnings per Share Basic from Operations_________________________________________ 9 Earnings per Share Diluted – Excluding Extraordinary Items__________________________ 10 Earnings per Share Diluted – Including Extraordinary Items __________________________ 10 Earnings Yield ______________________________________________________________ 11 Enterprise Value ____________________________________________________________ 11 Indexed Total Return _________________________________________________________ 13 Indicated Annual Dividends – Quarterly __________________________________________ 13 Market Return by Ex-Date _____________________________________________________ 13 Market Return by Payable Date_________________________________________________ 14 Market Value _______________________________________________________________ 15 Market Value – Monthly _______________________________________________________ 15 16-i COMPUSTAT (North America) Data Guide Net Asset Value _____________________________________________________________15 Price – Calendar Year ________________________________________________________15 Price – Fiscal Year ___________________________________________________________16 Price – Monthly______________________________________________________________17 Price – Weekly ______________________________________________________________19 Price as a Percentage of Net Asset Value_________________________________________19 Price Percentage Change _____________________________________________________19 Price to Book Ratio___________________________________________________________20 Price to Earnings per Share from Operations ______________________________________20 Price to Earnings Ratio________________________________________________________21 Relative Dividend Yield - S&P 500 ______________________________________________21 Relative Dividend Yield - S&P Industrials _________________________________________21 Relative Dividend Yield - S&P MidCap ___________________________________________21 Relative Dividend Yield - S&P Sector ____________________________________________22 Relative Price – S&P 500______________________________________________________22 Relative Price – S&P Industrials ________________________________________________22 Relative Price – S&P MidCap __________________________________________________23 Relative Price – S&P Sector ___________________________________________________23 Relative Price to Book - S&P 500 _______________________________________________23 Relative Price to Book – S&P Industrials__________________________________________23 Relative Price to Book – S&P Sector_____________________________________________24 Relative Price/Earnings Ratio – S&P 500 _________________________________________24 Relative Price/Earnings Ratio – S&P Industrials ____________________________________24 Relative Price/Earnings Ratio – S&P MidCap ______________________________________24 Relative Price/Earnings Ratio – S&P Sector _______________________________________24 Relative Total Return – S&P 500________________________________________________25 Relative Total Return – S&P Industrials __________________________________________25 Relative Total Return – S&P MidCap ____________________________________________25 Relative Total Return – S&P Sector _____________________________________________25 16-ii Chapter 16 - Market Ratios Market Ratios This chapter presents definitions for market ratios used for analysis of common stock issues, such as beta, dividend yields, prices, total returns and indexed total returns, and also includes relative calculations for much of the same data for S&P indexes. The market ratios are listed below by category. Basic data Annual Quarterly Monthly Weekly See Data item name mnemonic mnemonic mnemonic mnemonic page Beta BETA 4 Book Value per Share BKVLPS 4 Book Value per Share – Average – 10 Year BKVLPS10 4 Book Value per Share – Average – 3 Year BKVLPS3 4 Book Value per Share – Average – 5 Year BKVLPS5 4 Common Stock – Per Share Carrying Value CSTKCV 4 Dividend Payout DVPOR 5 Dividend Yield – Fiscal Year end DVYDF 5 Dividends per Share by Ex-Date DVPSX DVPSXQ DVPSXM 5 Earnings per Share Basic – Excluding EPSPX EPSPXQ 6 Extraordinary Items Earnings per Share Basic – Excluding EPSX12 6 Extraordinary Items – 12 Months Moving Earnings per Share Basic – Including EPSPI EPSPIQ 8 Extraordinary Items Earnings per Share Diluted – Excluding EPSFX EPSFXQ 10 Extraordinary Items Earnings per Share Diluted – Including EPSFI EPSFIQ 10 Extraordinary Items Earnings Yield EPSYLDM 11 Enterprise Value ENTVALUE 11 Indicated Annual Dividend DVIQ 13 Market Value MKVALQ MKVAL 15 Market Value MKVALM 15 Market Value – Fiscal Year end MKVALF 15 16-1 COMPUSTAT (North America) Data Guide Annual Quarterly Monthly Weekly See Data item name mnemonic mnemonic mnemonic mnemonic page Net Asset Value NAVM 15 Price – Calendar Year – Close PRCC 15 Price – Calendar Year – High PRCH 15 Price – Calendar Year – Low PRCL 15 Price – Fiscal Year – Close PRCCF 16 Price – Fiscal Year – High PRCHF 16 Price – Fiscal Year – Low PRCLF 16 Price – Monthly – Close PRCCM 17 Price – Monthly – High PRCHM 17 Price – Monthly – High – 12 Months Moving PRCHM12 17 Price – Monthly – Low PRCLM 17 Price – Monthly – Low – 12 Months Moving PRCLM12 17 Price – Weekly – Close PRCCW 17 Price as a Percentage of Net Asset Value PNAV 19 Price to Book Ratio MKBK 20 Price to Book Ratio – Fiscal Year-end MKBKF 20 Price to Earnings per Share from Operations OPPE 20 Price to Earnings Ratio PEM 21 Returns Annual Quarterly Monthly See page Data item name mnemonic mnemonic mnemonic Indexed Total Return – 1 Year IDRT1Y 13 Indexed Total Return – 10 Year IDRT10 13 Indexed Total Return – 3 Year IDRT3Y 13 Indexed Total Return – 5 Year IDRT5Y 13 Market Return by Ex-Date MKRTX MKRTXQ MKRTXM 13 Market Return by Payable Date MKRTP MKRTPQ 14 Relative Total Return – S&P 500 – 10 Year TRT10Y500 25 Relative Total Return – S&P 500 – 5 Year TRT5Y500 25 Relative Total Return – S&P Industrials – 10 Year TRT10YIND 25 Relative Total Return – S&P Industrials – 5 Year TRT5YIND 25 Relative Total Return – S&P MidCap – 10 Year TRT10YMID 25 Relative Total Return – S&P MidCap – 5 Year TRT5YMID 25 Relative Total Return – S&P Sector – 10 Year TRT10YIDX 25 Relative Total Return – S&P Sector – 5 Year TRT5YIDX 25 Total Return – 1 Year TRT1Y 25 Total Return – 10 Year TRT10Y 25 Total Return – 3 Year TRT3Y 25 Total Return – 5 Year TRT5Y 25 16-2 Chapter 16 - Market Ratios Relatives Annual Quarterly Monthly See page Data item name mnemonic mnemonic mnemonic Relative Dividend Yield –S&P 500 DVYLD500 21 Relative Dividend Yield –S&P Industrials DVYLDIND 21 Relative Dividend Yield –S&P MidCap DVYLDMID 21 Relative Dividend Yield –S&P Sector DVYLDIDX 22 Relative Price – S&P 500 PR500M 22 Relative Price – S&P Industrials PRINDM 22 Relative Price – S&P MidCap PRMIDM 23 Relative Price – S&P Sector PRIDX 23 Relative Price to Book – S&P 500 MKBK500 23 Relative Price to Book – S&P Industrials MKBKIND 23 Relative Price to Book – S&P Sector MKBKIDX 24 Relative Price to Earnings Ratio – S&P 500 PE500 24 Relative Price to Earnings Ratio – S&P Industrials PEIND 24 Relative Price to Earnings Ratio – S&P MidCap PEMID 24 Relative Price to Earnings Ratio – S&P Sector PEIDX 24 Percentage change Annual Quarterly Monthly See page Data item name mnemonic mnemonic mnemonic Price Percentage Change – Close – 1 Year PCCHG1 19 Price Percentage Change – Close – 10 Year PCCHG10 19 Price Percentage Change – Close – 3 Year PCCHG3 19 Price Percentage Change – Close – 5 Year PCCHG5 19 Price Percentage Change – High – 1 Year PHCHG1 19 Price Percentage Change – High – 10 Year PHCHG10 19 Price Percentage Change – High – 3 Year PHCHG3 19 Price Percentage Change – High – 5 Year PHCHG5 19 Price Percentage Change – Low – 1 Year PLCHG1 19 Price Percentage Change – Low – 10 Year PLCHG10 19 Price Percentage Change – Low – 3 Year PLCHG3 19 Price Percentage Change – Low – 5 Year PLCHG5 19 16-3 COMPUSTAT (North America) Data Guide Data definitions Beta Mnemonic Units Data availability Monthly BETA Decimal 5 years The monthly fundamental beta is a measurement of the sensitivity of a company's stock price to the overall fluctuation in the Standard & Poor's 500 (S&P 500) Index Price for Industrial Companies ($C or $R), or the Toronto Stock Exchange 300 (TSE 300) Index Price for Canadian Companies ($T). For example, a beta of 1.5 indicates that a company's stock price tends to rise (or fall) 1.5 percent, with a 1 percent rise (or fall) in the index price. Beta is calculated for a 5-year (60-month) time period, ending in the current month. If less history is available, Beta will be calculated for as few as 24 months. Month-end closing prices (including dividends) are used in the calculation. Book Value per Share Mnemonic Units Data availability Annual BKVLPS Dollars and cents 20 years For companies, Book Value Per Share is based on fiscal year end data and represents Common Equity – Liquidation Value divided by Common Shares Outstanding. For indexes, Book Value Per Share is an annual figure calculated from the calendar year end index data. This item is carried on an annual basis and is obtained from the Standard & Poor's Analyst's Handbook and Barron's. Book Value per Share – Average Mnemonic Concept Calculation Units 3 Years BKVLPS3 @PAVG(CEQ/CSHO,-2,0) Dollars and cents 5 Years BKVLPS5 @PAVG(CEQ/CSHO,-4,0) Dollars and cents 10 Years BKVLPS10 @PAVG(CEQ/CSHO,-9,0) Dollars and cents These concepts are the average of Common Equity – Total divided by the Common Shares Outstanding – Company for the most recent three, five, and 10 years. Common Stock – Per Share Carrying Value Mnemonic Data item number Units Data availability Annual CSTKCV A232 Dollars and cents 12 years This item represents the amount specified in a company's articles of incorporation for each share of common stock as imprinted on the face of each stock certificate. In most cases, common stock is carried on the balance sheet at its nominal or par value. If a nominal or par value is not actually reported, Standard & Poor’s Compustat inputs the carrying value. 16-4 Chapter 16 - Market Ratios If a company has two or more classes of common stock, a Not Available data code (@NA) will appear. This item is not available for banks, utilities, life insurance, or property and casualty companies. Dividend Payout Mnemonic Concept Calculation Units Annual DVPOR @VALUE(DVPORX,(DVC/IBADJ)*100) Percentage This concept is Cash Dividends-Common, defined as the total dollar amount of dividends (other than stock dividends) declared on the common stock, divided by Income Before Extraordinary Items – Adjusted For Common Stock Equivalents, which represents income before extraordinary items and discontinued operations less preferred dividend requirements (adjusted for common stock equivalents). This figure is then multiplied by 100. Dividend Yield – Fiscal Year-end Mnemonic Concept Calculation Units Annual DVYDF 100*(DVPSX/PRCCF) Percentage This concept is the annual Dividend Per Share by Ex-Date, defined as the cash dividends per share for which the ex-dividend dates occurred during the reporting period, divided by the company's close price for the fiscal year. This figure is then multiplied by 100. Dividends per Share by Ex-Date Mnemonic Item number Units Data availability Annual DVPSX A26 Dollars and cents 20 years Quarterly DVPSXQ Q16 Dollars and cents 10 years Monthly DVPSXM Dollars and cents 20 years This item represents the cash dividends per share for which the ex-dividend dates occurred during the reporting period, adjusted for all stock splits and stock dividends that occurred during the period. This item excludes payments in preferred stock in lieu of cash, spin-offs, and stock of other corporations. The ex-dividend date of the cash dividend is, in all cases, used to determine the reporting period in which the dividend is included. In cases where dividends are normally paid quarterly, but the ex-dividend dates of two dividend payments fall in the same quarter, both dividends will be included in that quarter. In cases where the ex-dividend dates of two dividend payments fall in the same month, both dividends will be included in that month. Any extra dividend whose ex-dividend date occurred during the period will be included in this item. For companies having more than one class of common stock outstanding, dividends per share will be based on the class of stock most widely traded (based on volume of shares traded). The dividends are adjusted by the Adjustment Factor (Company) – Cumulative by Ex-Date that appears for that period. This item is updated the week after the fiscal year end. Dividends will always be zero until a company goes public and for periods when no dividend is paid. 16-5 COMPUSTAT (North America) Data Guide Sources for this data are Interactive Data Services, Inc. (IDSI) Data Resources, Inc. (DRI), and Standard & Poor's Dividend Record. For some companies, there will be gaps in the dividend series. Generally, these will be periods in which earnings per share and other fundamental data have been restated due to a major merger. Since the major merger fundamentally changes the nature of the company, the original price, shares traded and dividend data are not comparable to earnings per share and other fundamental data and are removed from the database. For foreign Active Industrial companies ($C) and Research Industrial companies ($R), dividends are stated in U.S. dollars and cents. For Canadian companies ($T), dividends are stated in Canadian dollars and cents. Quarterly only This item is updated the week after the end of the month. This item will be available regardless of whether or not the quarter has been updated. This item is always presented on a historical basis (not restated). Earnings per Share Basic – Excluding Extraordinary Items Mnemonic Item number Units Data availability Annual EPSPX A58 Dollars and cents 20 years Annual footnote EPSPF AF12 Code Quarterly EPSPXQ Q19 Dollars and cents 10 years Quarterly footnote EPSPQF QF6 Code 12 Months Moving EPSX12 Q27 Dollars and cents 10 years This item represents basic earnings per share before extraordinary items and discontinued operations. Effective December 15, 1997, Federal Accounting Standards Board (FASB) rule 128 requires companies to report Basic and Diluted EPS, replacing Primary and Fully Diluted EPS. The change will affect financial statements issued after this date. The basic earnings figures should be reported by the company (as outlined in Accounting Principles Board Opinion No. 15) after the effect of conversion of convertible preferred, convertible debentures, and options and warrants which have been identified as common stock equivalents and before extraordinary items. This figure may differ from company reports in the following instances: 1. Company reports include extraordinary items and/or discontinued operations 2. Company reports before the equity in earnings of non-consolidated subsidiaries Historical earnings per share are adjusted by the Adjustment Factor (Company) – Cumulative by Ex-Date for that period. Quarterly only The quarterly earnings are available for up to 80 quarters for Active ($C) companies. 12 Months Moving only This item represents basic earnings per share applicable to the last 12-month period. 16-6 Chapter 16 - Market Ratios This figure is calculated by adding four quarters of available for common and dividing by the 12-months moving share figure. 1. At year-end, this will be the same as the annual earnings figure reported to shareholders 2. In interim quarters, this figure will equal (within four cents deviation) the sum of four quarters of Earnings per share Basic – Excluding Extraordinary Items adjusted for subsequent stock splits and dividends It should be noted that earnings per share data is carried on a restated basis. For example, when a company reports for a new quarter and at the same time reports different data than originally reported for the corresponding quarter of the prior year, that data for the corresponding quarter of the prior year is changed and said the be restated. These restatements can be due to such things as mergers, acquisitions, and accounting changes. This handling tends to affect 12-months moving earnings per share for prior quarters in that from one to three quarters of a four-quarter total may contain restated data, whereas the other quarters may not. Another similar situation occurs when a company reports in a manner which includes either six, nine, or 12 months of an acquisition in a particular quarter. This will tend to overstate or understate certain 12- months moving earnings per share data. For some companies, there will be gaps in the earnings series, or periods of months where the earnings are not carried on the file. Generally, these will be periods in which quarterly earnings are not reported, such as earnings reported on a semi-annual or annual basis rather than quarterly, fiscal year changes, and major mergers. For utility companies, this figure is as reported by the company. Annual footnote code Code Description AC Adoption of FASB BJ Includes equity in earnings of non-consolidated subsidiaries NB Combination of NC and BJ NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports NQ Combination of NC and QJ QJ Earnings per Share is based on the effect of common stock equivalents RA Combination of BJ and QJ The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (EPSPF). Quarterly footnote code Code Description AC Adoption of FASB NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports NL Combination of NC and QL NQ Combination of NC and QJ QJ Earnings per Share is based on the effect of common stock equivalents QL Earnings per Share is net of all dilution as the company reports only diluted earnings per share 16-7 COMPUSTAT (North America) Data Guide The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (EPSPQF). Earnings per Share Basic – Including Extraordinary Items Mnemonic Item number Units Data availability Annual EPSPI A53 Dollars and cents 20 years Annual footnote EPSPF AF12 Code Quarterly EPSPIQ Q11 Dollars and cents 10 years Quarterly footnote EPSPQF QF6 Code This item represents basic earnings per share including all extraordinary items and discontinued operations as reported by the company. Effective December 15, 1997, Federal Accounting Standards Board (FASB) rule 128 requires companies to report Basic and Diluted EPS, replacing Primary and Fully Diluted EPS. The change will affect financial statements issued after this date. The basic earnings figures should be reported by the company (as outlined in Accounting Principles Board Opinion No. 15) after the effect of conversion of convertible preferred stock, convertible debt, and options and warrants which have been identified as common stock equivalents. For banks, this item includes securities gains and losses. Annual footnote code Code Description AC Adoption of FASB BJ Includes equity in earnings of non-consolidated subsidiaries NB Combination of NC and BJ NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports NQ Combination of NC and QJ NS Combination of NC and RA QJ Earnings per Share is based on the effect of common stock equivalents RA Combination of BJ and QJ The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (EPSPF). Quarterly footnote code Code Description AC Adoption of FASB NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports NL Combination of NC and QL NQ Combination of NC and QJ QJ Earnings per Share is based on the effect of common stock equivalents 16-8 Chapter 16 - Market Ratios QL Earnings per Share is net of all dilution as the company reports only diluted earnings per share The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (EPSPQF). Earnings per Share Basic from Operations Mnemonic Item number Units Data availability Annual OPEPS A233 Dollars 1993 Annual footnote OPEPSF AF51 Code Quarterly OPEPSQ Q177 Dollars First quarter, 1993 Quarterly footnote OEPSQF QF24 Code 12 Months Moving OEPS12 Q178 Dollars Fourth quarter, 1993 This item represents Basic Earnings per Share adjusted to remove the effect of all Special Items from the calculation. This item reflects an Earnings per Share, which excludes the effect of all nonrecurring events. This item excludes: 1. Cumulative effect of accounting change 2. Discontinued operations 3. Extraordinary items 4. Special items 12 Months Moving only This item represents basic earnings per share applicable to the last 12-month period. Annual footnote code Code Description ER Not a total amount NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports NR Statutory rate used in calculation RC Combination of NC and NR RD Combination of NC and ER RE Combination of NR and ER RF Combination of NC, ER, and NR The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (OPEPSF). Quarterly footnote code Code Description ER Not a total amount NC Earnings per Share is a Standard & Poor’s Compustat calculation and may disagree with company reports 16-9 COMPUSTAT (North America) Data Guide Code Description NR Statutory rate used in calculation RC Combination of NC and NR RD Combination of NC and ER RE Combination of NR and ER RF Combination of NC, ER, and NR The descriptions for these codes can be viewed by choosing the Databases » Descriptions command from the menu bar and entering the mnemonic in the Item text box. To include a textual description of a code in a report, you can use the @DESC function. For example, to include a description of this footnote, type @DESC (OEPSQF). Earnings per Share Diluted – Excluding Extraordinary Items Mnemonic Item number Units Data availability Annual EPSFX A57 Dollars and cents 20 years Quarterly EPSFXQ Q9 Dollars and cents 10 years Effective December 15, 1997, Federal Accounting Standards Board (FASB) rule 128 requires companies to report Basic and Diluted EPS, replacing Primary and Fully Diluted EPS. The change will affect financial statements issued after this date. This item represents earnings per share for common shares after allowing for the conversion of convertible senior stock and debt, and the exercise of warrants, options, and agreements for issuance of common shares upon satisfaction of certain conditions. This item is calculated in accordance with Accounting Principles Board Opinion No. 15. The figure is reported the same as basic earnings per share excluding extraordinary items and discontinued operations if dilution is immaterial (less than 3 percent). The figure will always be presented if a diluted earnings per share is reported by the company. This item excludes: 1. Extraordinary items 2. Discontinued operations 3. Preferred dividend The anti-diluted earnings per share for fiscal periods 1997 and forward will be presented if reported by the company. When a company reports that the calculation of dilutive earnings per share results in anti- dilution, but does not report the anti-dilutive earnings per share, the Earnings Per-Share Basic will be carried down into Earnings Per-Share Diluted. Prior to 1997, anti-diluted earnings are not presented. Historical earnings per share are adjusted by the Adjustment Factor (Company) – Cumulative by Ex-Date for that period. Earnings per Share Diluted – Including Extraordinary Items Mnemonic Item number Units Data availability Annual EPSFI A169 Dollars and cents 20 years Quarterly EPSFIQ Q7 Dollars and cents 10 years 16-10 Chapter 16 - Market Ratios This item represents earnings per share after allowing for the conversion of convertible senior stock and debt, and the exercise of warrants, options, and agreements for issuance of common shares upon satisfaction of certain conditions. This item is calculated in accordance with Accounting Principles Board Opinion No. 15. Effective December 15, 1997, Federal Accounting Standards Board (FASB) rule 128 requires companies to report Basic and Diluted EPS, replacing Primary and Fully Diluted EPS. The change will affect financial statements issued after this date. The figure is reported the same as basic earnings per share including extraordinary items and discontinued operations if dilution is immaterial (less than 3 percent). The figure will always be presented if a diluted earnings per share is reported by the company. This item includes: 1. Extraordinary items 2. Discontinued operations The anti-diluted earnings per share for fiscal periods 1997 and forward will be presented if reported by the company. When a company reports that the calculation of dilutive earnings per share results in anti- dilution, but does not report the anti-dilutive earnings per share, the Earnings Per-Share Basic will be carried down into Earnings Per-Share Diluted. Prior to 1997, anti-diluted earnings are not presented. Historical earnings per share items are adjusted by the Adjustment Factor (Company) – Cumulative by Ex- Date for that year or quarter. Earnings Yield Mnemonic Concept Calculation Units Monthly EPSYLDM @VALUE(EPSX12 [@QTR(-3M)], Percentage EPSX12[@QTR(-3M)-1])/PRCCM*100 Daily EPSYLDD @VALUE(EPSX12[@QTR(@MNT(0D) Percentage -3)],EPSX12[@QTR(@MNT(0D)-3) -1])/PRCCD*100 The monthly concept is Earnings per Share Basic – Excluding Extraordinary Items – 12 Months Moving, which represents the sum of the last four quarters' earnings per share, divided by Price – Monthly – Close. This figure is then multiplied by 100. The daily concept is Earnings per Share (Basic) – Excluding Extraordinary Items – 12 Months Moving, which represents the sum of the last four quarters' earnings per share, divided by the most recent Price – Daily – Close. This figure is then multiplied by 100. If the most recent 12-months moving earnings per share are not available, then the previous quarter's figure is used. Enterprise Value Mnemonic Concept Calculation Units Quarterly ENTVALUE MKVALM+@VALUE((DTQ+@VALUE Dollars and cents (PSTKQ,0)-CHEQ)[@QTR(-3M)],(DTQ+ @VALUE (PSTKQ,0)-CHEQ)[@QTR (-3M)-1]) 16-11 COMPUSTAT (North America) Data Guide This item represents the Market Value - Monthly plus the sum of the set of Debt Total - Quarterly and Current Preferred Stock Quarterly minus Cash and Equivalents Quarterly. 16-12 Chapter 16 - Market Ratios Indexed Total Return Mnemonic Concept Calculation Units 1 Year IDRT1Y (PRCCM*TRFM)/(PRCCM*TRFM)[-12]*100 Percentage 3 Year IDRT3Y ((PRCCM*TRFM)/(PRCCM*TRFM)[-36])*100 Percentage 5 Year IDRT5Y ((PRCCM*TRFM)/(PRCCM*TRFM)[-60])*100 Percentage 10 Year IDRT10 ((PRCCM*TRFM)/(PRCCM*TRFM)[-120])* Percentage 100 The Total Return concepts are annualized rates of return reflecting monthly price appreciation plus reinvestment of monthly dividends and the compounding effect of dividends paid on reinvested dividends. The Indexed Total Return concepts are an indexed number that represents a comparison between a present measurement and a measurement at some previous point in time (base period). The base period is equal to 100. Note Total returns on the S&P Indexes that have been calculated using Standard & Poor’s Compustat software may differ from the total returns on the S&P Indexes calculated by Standard & Poor’s. Indicated Annual Dividends – Quarterly Mnemonic Item number Units Data availability Quarterly DVIQ Q20 Dollars and cents 10 years This item represents the applicable dividend, multiplied by the number of times dividends were paid during the year. In most cases, the dividend is paid quarterly and is, therefore, multiplied by four. This item includes extra or special year end dividends. This item will be based on the major class of common stock outstanding when there is more than one class of common stock outstanding. This item is based on a 12-month moving average in the following cases: 1. Foreign companies report per share in U.S. dollars and cents 2. Companies report dividends per share in fractions of a cent Market Return by Ex-Date Mnemonic Concept Calculation Units Annual MKRTX (((PRCCF+DVPSX+@VALUE(@PSUM Percentage (CHEQVM,-11,0)[@MNT(0Y)],0))/ PRCCF[-1])-1)*100 Quarterly MKRTXQ (((PRCCM [@MNT(0Q)]+DVPSXQ+ Percentage @VALUE(@PSUM(CHEQVM,-2,0) [@MNT(0Q)],0))/PRCCM[@MNT(-1Q)])- 1)*100 Monthly MKRTXM (((PRCCM+DVPSXM+@VALUE Percentage (CHEQVM,0))/PRCCM[-1])-1)*100 Daily MKRTXD (((PRCCD+DVPSXD)/PRCCD[-1])-1)*100 Percentage 16-13 COMPUSTAT (North America) Data Guide The annual, quarterly, and monthly market return concepts represent the total return, including the effects of cash equivalent distributions; the daily market return does not. (See Total Return – On-line for a daily market return that includes the effects of cash equivalent distributions.) The annual concept is the sum of the Price – Fiscal Year – Close, Dividends per Share by Ex-Date, and the sum of Cash Equivalent Distributions per Share by Ex-Date for the 12 months comprising the fiscal year, divided by the Price – Fiscal Year – Close of the previous year. One (1) is subtracted from the result which is then multiplied by 100. The quarterly concept is the sum of the Price – Monthly – Close of the quarter, quarterly Dividends per Share by Ex-Date, plus the sum of Cash Equivalent Distributions per Share by Ex-Date for the three months comprising the quarter, divided by the Price – Monthly – Close of the previous quarter. One (1) is subtracted from the result which is then multiplied by 100. The monthly concept is the sum of the Price – Monthly – Close, monthly Dividends per Share by Ex-date, and monthly Cash Equivalent Distributions by Ex-Date for the current month (if there is no value for the current month’s Cash Equivalent Distributions by Ex-Date , then zero [0] is used), divided by the previous month’s Close Price. One (1) is subtracted from the result which is then multiplied by 100. The daily concept is the sum of the current Price – Daily – Close and Dividends per Share by Ex-Date, divided by the previous day's Price – Daily Close. One (1) is subtracted from the result which is then multiplied by 100. Market Return by Payable Date Mnemonic Concept Calculation Units Annual MKRTP (((PRCCF+DVPSP+@VALUE(@PSUM Percentage (CHEQVM,-11,0)[@MNT(0Y)],0))/ PRCCF[-1])-1)*100 Quarterly MKRTPQ (((PRCCM [@MNT(0Q)]+DVPSPQ+ Percentage @VALUE(@PSUM(CHEQVM,-2,0) [@MNT(0Q)],0))/PRCCM[@MNT(-1Q)])-1) *100 Daily MKRTPD (((PRCCD+DVPSPD)/PRCCD[-1])-1)*100 Percentage The annual and quarterly market return concepts represent the total return, including the effects of cash equivalent distributions; the daily market return does not. The annual concept is the sum of the Price – Fiscal Year – Close, Dividends per Share by Payable Date, and the sum of Cash Equivalent Distributions per Share by Ex-Date for the 12 months comprising the fiscal year, divided by the Price – Fiscal Year – Close of the previous year. One (1) is subtracted from the result which is then multiplied by 100. The quarterly concept is the sum of the Price – Monthly – Close of the quarter, Dividends per Share by Payable Date, and the sum of Cash Equivalent Distributions per Share by Ex-Date for the three months comprising the quarter, divided by the Price – Monthly – Close of the previous quarter. One (1) is subtracted from the result which is then multiplied by 100. The daily concept is the sum of the Price – Daily – Close and Dividends per Share by Ex-Date, divided by the previous day's Price – Daily – Close . One (1) is subtracted from the result which is then multiplied by 100. 16-14 Chapter 16 - Market Ratios Market Value Mnemonic Concept Calculation Units Quarterly MKVALQ MKVALM [@MNT(0Q)] Millions of dollars Monthly MKVAL PRCCM*@VALUE(CSHOQ [@QTR(- Millions of dollars 3M)],CSHOQ[@QTR(-3M)-1]) Daily MKVALD PRCCD*CSHOC Millions of dollars Current MKVALC @VALUE(PRCCUR,PRCCM)*(@VALUE(CS Millions of dollars HOQ,CSHOQ[-1])) Fiscal Year-end MKVALF PRCCF*CSHO Millions of dollars The quarterly concept is market value at the month-end of a quarter. The monthly concept is Price – Monthly – Close multiplied by the quarterly Common Shares Outstanding. (If Common Shares Outstanding for the current quarter is not available, the value for the previous quarter will be used.) Standard & Poor’s Compustat recommends using the MKVALM item rather than this concept. The daily concept is Price – Daily – Close multiplied by current Common Shares Outstanding. The current concept is Price – Current multiplied by the Common Shares Outstanding for the current quarter. (If Price – Current is not available, Price – Monthly – Close will be used. If Common Shares Outstanding for the current quarter is not available, the value for the previous quarter will be used.) The fiscal year end concept is Price – Fiscal Year – Close multiplied by Common Shares Outstanding. Market Value – Monthly Mnemonic Units Data availability Monthly MKVALM Millions of dollars 20 years For each month, the month-end close price is multiplied by the appropriate quarter’s value for common shares outstanding. (If the most recent quarterly Common Shares Outstanding is not available for the current quarter, then the next current value during the last four quarters is used. If no value exists in any of the previous four quarters, then the value for annual shares outstanding is used.) Net Asset Value Mnemonic Units Data availability Monthly NAVM Dollars and cents December 1993 This item applies to closed-end funds only. It is the market value of the fund’s assets minus liabilities divided by the shares outstanding. Price – Calendar Year Mnemonic Item number Units Data availability Close PRCC A24 Dollars and cents 20 years High PRCH A22 Dollars and cents 20 years Low PRCL A23 Dollars and cents 20 years 16-15 COMPUSTAT (North America) Data Guide These items represent the absolute high, low and close market prices during the calendar year. Bid prices are reported for over-the-counter issues which are not traded on the NASDAQ National Market System. Prices are reported on a calendar-year basis, regardless of the company's fiscal year end. Prices are carried in dollars and cents. The following table indicates the method used: Exchange Stock Price Standard & Poor’s Compustat Stock Price 20 20.000 20 1/8 20.125 20 1/4 20.250 20 3/8 20.375 20 1/2 20.500 20 5/8 20.625 20 3/4 20.750 20 7/8 20.875 Prices contain Not Available data codes (@NA) for those periods in which a major merger of companies of similar size occurs. This handling of the merging companies is necessary because the prices of one company will not be representative of the newly formed company. If a company suspends trading, Standard & Poor’s Compustat will present the high, low, and close price as of the last trading day. Price – Fiscal Year Mnemonic Item number Units Data availability Close PRCCF A199 Dollars and cents 20 years High PRCHF A197 Dollars and cents 20 years Low PRCLF A198 Dollars and cents 20 years These items represent the absolute high, low, and close market prices during the fiscal year. Bid prices are reported for over-the-counter issues which are not traded on NASDAQ National Market System. Prices are reported as of a company's fiscal year-end and are adjusted for all stock splits and stock dividends occurring during the fiscal year. Prices are carried in dollars and cents. The following table indicates the method used: Exchange Stock Price Standard & Poor’s Compustat Stock Price 20 20.000 20 1/8 20.125 20 1/4 20.250 20 3/8 20.375 20 1/2 20.500 20 5/8 20.625 20 3/4 20.750 20 7/8 20.875 16-16 Chapter 16 - Market Ratios Prices contain Not Available data codes (@NA) for those periods in which a major merger of companies of similar size occurs. This handling of merging companies is necessary because the prices of one company will not be representative of the newly formed company. If a company suspends trading, Standard & Poor’s Compustat will present the high, low, and close prices as of the last trading day. Price – Monthly Mnemonic Units Close PRCCM Dollars and cents High PRCHM Dollars and cents Low PRCLM Dollars and cents Mnemonic Concept Calculation Units 12 Months Moving PRCHM12 @PMAX(PRCHM,-11,0) Dollars and cents High 12 Months Moving PRCLM12 @PMIN(PRCLM,-11,0) Dollars and cents Low These items and concepts contain the absolute close, high, or low market prices for each calendar month. Bid prices are reported for over-the-counter issues which are not traded on NASDAQ National Market System. Prices are carried in dollars and cents. The following table indicates the method used: Exchange Stock Price Standard & Poor’s Compustat Stock Price 20 20.000 20 1/8 20.125 20 1/4 20.250 20 3/8 20.375 20 1/2 20.500 20 5/8 20.625 20 3/4 20.750 20 7/8 20.875 When a company is not traded in a given month or months, the price figures contain a Not Available data code (@NA). For indexes, high and low price data is available for the S&P Industrials and S&P 500 as of the last Wednesday of each month and as of the last trading day of each month. Last Trading Day prices are also presented for the NY Stock Exchange Composite, the AMEX Composite, and the NASDAQ – OTC Composite. This information is obtained from the PR Newswire and the S&P Stock Price Index sheet which are published in the applicable weeks. For indexes, close price is the close price reported for the various industry indexes and composites. The close prices are collected as of the last trading day of the month for all indexes. For S&P Industrials, S&P 500 and S&P 100 indexes, Standard & Poor’s Compustat presents separate records for both last trading day and last Wednesday prices. 12 Months Moving High This concept is the highest value of Price – Monthly – High in the last year. 16-17 COMPUSTAT (North America) Data Guide 12 Months Moving Low This concept is the lowest value of Price – Monthly – Low in the last year. 16-18 Chapter 16 - Market Ratios Price – Weekly Mnemonic Concept Calculation Units Close PRCCW PRCCD[@DAY(0W)] Dollars and cents This items contains the absolute close market prices for each calendar week. Bid prices are reported for over-the-counter issues which are not traded on NASDAQ National Market System. Prices are carried in dollars and cents. The following table indicates the method used: Exchange Stock Price Standard & Poor’s Compustat Stock Price 20 20.000 20 1/8 20.125 20 ¼ 20.250 20 3/8 20.375 20 ½ 20.500 20 5/8 20.625 20 ¾ 20.750 20 7/8 20.875 When a company is not traded in a given week or weeks, the price figures contain a Not Available data code (@NA). Price as a Percentage of Net Asset Value Mnemonic Concept Calculation Units Monthly PNAV PRCCM/NAVM Percentage This concept applies to closed-end funds only. It is Price – Monthly – Close divided by Net Asset Value, which represents the market value of the fund’s assets minus liabilities divided by shares outstanding. Price Percentage Change Mnemonic Concept Calculation Units 1 Year Close PCCHG1 ((PRCCM/PRCCM[-12])-1)*100 Percentage 3 Year Close PCCHG3 ((PRCCM/PRCCM[-36])-1)*100 Percentage 5 Year Close PCCHG5 ((PRCCM/PRCCM[-60])-1)*100 Percentage 10 Year Close PCCHG10 ((PRCCM/PRCCM[-120])-1)*100 Percentage 1 Year High PHCHG1 ((PRCHM/PRCHM[-12])-1)*100 Percentage 3 Year High PHCHG3 ((PRCHM/PRCHM[-36])-1)*100 Percentage 5 Year High PHCHG5 ((PRCHM/PRCHM[-60])-1)*100 Percentage 10 Year High PHCHG10 ((PRCHM/PRCHM[-120])-1)*100 Percentage 1 Year Low PLCHG1 ((PRCLM/PRCLM[-12])-1)*100 Percentage 3 Year Low PLCHG3 ((PRCLM/PRCLM[-36])-1)*100 Percentage 5 Year Low PLCHG5 ((PRCLM/PRCLM[-60])-1)*100 Percentage 10 Year Low PLCHG10 ((PRCLM/PRCLM[-120])-1)*100 Percentage 16-19 COMPUSTAT (North America) Data Guide These concepts are Price – Monthly – Close, High, or Low divided by the value for the previous one-, three-, five-, or 10-year’s value of Price – Monthly – Close, High, or Low. One (1) is subtracted from this, and the result is multiplied by 100. Price to Book Ratio Mnemonic Concept Calculation Units Monthly MKBK PRCCM*(@VALUE((CSHOQ/ Ratio CEQQ)[@QTR(-3M)],(CSHOQ/ CEQQ)[@QTR(-3M)-1])) Daily MKBKD PRCCD/@VALUE((CEQQ/ Ratio CSHOQ)[@QTR(@MNT(0D)-3)],(CEQQ/ CSHOQ)[@QTR(@MNT(0D)-3)-1]) Current MKBKCR @VALUE(PRCCUR,PRCCM)*(@VALUE Ratio (CSHOQ/CEQQ,CSHOQ[-1]/CEQQ[-1])) Fiscal Year-end MKBKF MKVALF/CEQ Ratio The monthly concept is the Price – Close – Monthly multiplied by Common Shares Outstanding for the current quarter. This figure is then divided by Common Equity – Total , which represents the common shareholders' interest in the company, including common stock, capital surplus, and retained earnings. (If Common Shares Outstanding are not available for the current quarter, then the value for the previous quarter is used.) The daily concept is the Price – Close – Daily divided by quarterly common equity per share, which is represented by quarterly Common Equity – Total divided by Common Shares Outstanding for the current quarter. (If quarterly common equity per share for the current quarter is not available, then the value for the previous quarter is used.) The current concept is current Common Shares Outstanding for the current quarter divided by common equity per share for the current quarter multiplied by Price – Current. (If Common Shares Outstanding and common equity per share for the current quarter are not available, then the values for the previous quarter will be used. If Price – Current is not available, Price – Monthly – Close will be used. The fiscal year-end concept is the fiscal year-end market value, which is defined as Price – Fiscal Year – Close multiplied by Common Shares Outstanding, divided by Common Equity – Total as of the company's fiscal year-end, which represents the common shareholders' interest in the company. Price to Earnings per Share from Operations Mnemonic Concept Calculation Units Monthly OPPE PRCCM/@VALUE Ratio (OEPS12 [@QTR(-3M)], OEPS12[@QTR(-3M)-1]) For each month, the monthly close price is divided by 12-months moving earnings per share from operations. If the most recent earnings per share from operations figure is not available, the value of the previous quarter will be used. If earnings per share is less than or equal to zero, a Not Meaningful data code (@NM) will be returned. 16-20 Chapter 16 - Market Ratios Price to Earnings Ratio Mnemonic Units Data availability Monthly PEM Ratio 20 years This item is the month-end close price divided by the appropriate 12-months moving earnings per share. If the most recent earnings per share figure is not available, the close price will be divided by the sum of the previous quarter's value of 12-months moving earnings per share. If earnings per share is less than or equal to zero, a Not Meaningful data code (@NM) will be returned. Relative Dividend Yield - S&P 500 Mnemonic Concept Calculation Units DVYLD500 (DVIQ[@QTR(-3M)]/PRCCM)/ Percentage (@VALUE("I0010":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)],"I0010":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)])/"I0010":PRCCM)*100 This concept is the quarterly dividend yield, defined as the quarterly dividend divided by the current monthly close price, for a company divided by the quarterly dividend yield for the S&P 500 Index. This is then multiplied by 100. Relative Dividend Yield - S&P Industrials Mnemonic Concept Calculation Units DVYLDIND (DVIQ[@QTR(-3M)]/PRCCM)/ Percentage (@VALUE("I0001":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)],"I0001":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)])/"I0001":PRCCM)*100 This concept is the quarterly dividend yield, defined as the quarterly dividend divided by the current monthly close price, for a company divided by the quarterly dividend yield for the S&P Industrials Index. This is then multiplied by 100. Relative Dividend Yield - S&P MidCap Mnemonic Concept Calculation Units DVYLDMID (DVIQ[@QTR(-3M)]/PRCCM)/ Percentage (@VALUE("I0016":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)],"I0016":(((DVPSXM+DVPSXM [-1]+DVPSXM[-2])*4)[@MNT(0Q)])[@QTR (-3M)])/"I0016":PRCCM)*100 This concept is the quarterly dividend yield, defined as the quarterly dividend divided by the current monthly close price, for a company divided by the quarterly dividend yield for the S&P MidCap Index. This is then multiplied by 100. 16-21 COMPUSTAT (North America) Data Guide Relative Dividend Yield - S&P Sector Mnemonic Concept Calculation Units DVYLDIDX Q20[@QTR(-3M)]/PRCCM/(@CSUM Percentage (@VALUE(DVPSXM+DVPSXM [-1]+DVPSXM[-2],DVPSXM[-1]+DVPSXM [-2]+DVPSXM[-3])[@MNT(0Q)][@QTR (-3M)],@SET($I,@AND(SIC=@CHGCO (COMPANY):SPIIM,@FIND("5",CONM))))*4/ @CSUM(PRCCM,@SET($I,@AND(SIC=@ CHGCO(COMPANY):SPIIM,@FIND("5", CONM)))))*10 This concept is the quarterly dividend yield, defined as the quarterly dividend divided by the current monthly close price, for a company divided by the quarterly dividend yield for the S&P Sector that corresponds to the company. This is then multiplied by 100. Relative Price – S&P 500 Mnemonic Concept Calculation Units Monthly PR500M PRCCM/"I0010":PRCCM*100 Percentage Daily PR500D PRCCD/"I0010\I01":PRCCD*100 Percentage The monthly concept is Price – Monthly – Close divided by the Price – Monthly – Close for the S&P 500. The result is then multiplied by 100. The daily concept is Price – Daily – Close divided by the Price – Daily – Close for the S&P 500. The result is then multiplied by 100. Daily only PR500D is available only to On-line subscribers. Relative Price – S&P Industrials Mnemonic Concept Calculation Units Monthly PRINDM PRCCM/"I0001":PRCCM*100 Percentage Daily PRINDD PRCCD/"I0001\I01":PRCCD*100 Percentage The monthly concept is Price – Monthly – Close divided by the Price – Monthly – Close for the S&P Industrials. The result is then multiplied by 100. The daily concept is Price – Daily – Close divided by the Price – Daily – Close for the S&P Industrials. The result is then multiplied by 100. Daily only PRINDD is available only to On-line subscribers. 16-22 Chapter 16 - Market Ratios Relative Price – S&P MidCap Mnemonic Concept Calculation Units Monthly PRMIDM PRCCM/"I0016":PRCCM*100 Percentage Daily PRMIDD PRCCD/"I0016/I01":PRCCD*100 Percentage The monthly concept is Price – Monthly – Close divided by the Price – Monthly – Close for the S&P MidCap. The result is then multiplied by 100. The daily concept is Price – Daily – Close divided by the Price – Daily – Close for the S&P MidCap. The result is then multiplied by 100. Daily only PRMIDD is available only to On-line subscribers. Relative Price – S&P Sector Mnemonic Concept Calculation Units Monthly PRIDX PRCCM/@CSUM(PRCCM, Percentage @SET($I,SIC=@CHGCO(COMPANY): SPIIM))*100 This concept is Price – Monthly – Close for a company divided by the Price – Monthly – Close for the S&P Sector that the company is a member of. This total is then multiplied by 100. Relative Price to Book - S&P 500 Mnemonic Concept Calculation Units Annual MKBK500 MKBK/"I0010":(PRCCM/ Percentage @VALUE(BKVLPS [@YR(-11M)], (BKVLPS[@YR(-12M)],(BKVLPS[@YR (-13M)],(BKVLPS[@YR(-14M)], BKVLPS[@YR(-15M)],BKVLPS[@YR (-16M)],BKVLPS[@YR (-17M),BKVLPS[@YR (-18M)],BKVLPS[@YR(-19M)]))*100 This concept is Price to Book Ratio divided by the total of Price – Monthly – Close divided by Book Value per Share – Year-End for the S&P 500. This total is then multiplied by 100. Relative Price to Book – S&P Industrials Mnemonic Concept Calculation Units Annual MKBKIND MKBK/"I0001":(PRCCM/ Percentage @VALUE(BKVLPS [@YR(-11M)], @VALUE(BKVLPS[@YR(-12M)], @VALUE(BKVLPS[@YR(-13M)], @VALUE(BKVLPS[@YR(-14M)], BKVLPS[@YR(-15M)])))))*100 This concept is Price to Book Ratio divided by the total of Price – Monthly – Close divided by Book Value per Share – Year-End for the S&P Industrials. This total is then multiplied by 100. 16-23 COMPUSTAT (North America) Data Guide Relative Price to Book – S&P Sector Mnemonic Concept Calculation Units Annual MKBKIDX MKBK/@CSUM(PRCCM/ Percentage @VALUE(BKVLPS [@YR(-11M)], @VALUE(BKVLPS[@YR(-12M)], @VALUE(BKVLPS[@YR(-13M)], @VALUE(BKVLPS[@YR(- 14M)],BKVLPS[@YR(-15M)])))), @SET($I,SIC=@CHGCO(COMPANY): SPIIM))*100 This concept is Price to Book Ratio divided by the total of Price – Monthly – Close divided by Book Value per Share – Year-End for the S&P Sector that the company is a member of. This total is then multiplied by 100. Relative Price/Earnings Ratio – S&P 500 Mnemonic Concept Calculation Units Monthly PE500 PEM/"I0010":PEM*100 Percentage This concept is Price to Earnings Ratio – Monthly for a company divided by the Price to Earnings Ratio – Monthly for the S&P 500. This total is then multiplied by 100. Relative Price/Earnings Ratio – S&P Industrials Mnemonic Concept Calculation Units Monthly PEIND PEM/"I0001":PEM*100 Percentage This concept is Price to Earnings Ratio – Monthly divided by the Price to Earnings Ratio – Monthly for the S&P Industrials Index. This total is then multiplied by 100. Relative Price/Earnings Ratio – S&P MidCap Mnemonic Concept Calculation Units Monthly PEMID PEM/"I0016":PEM*100 Percentage This concept is Price to Earnings Ratio – Monthly divided by the Price to Earnings Ratio – Monthly for the S&P MidCap Index. This total is then multiplied by 100. Relative Price/Earnings Ratio – S&P Sector Mnemonic Concept Calculation Units Monthly PEIDX PEM/@CSUM(PEM, Percentage @SET($I,SIC=@CHGCO(COMPANY): SPIIM))*100 This concept is Price to Earnings Ratio – Monthly divided by the Price to Earnings Ratio – Monthly for the S&P Sector. This total is then multiplied by 100. 16-24 Chapter 16 - Market Ratios Relative Total Return – S&P 500 Mnemonic Concept Calculation Units 5 year TRT5Y500 (TRT5Y/"I0010":TRT5Y)*100 Percentage 10 year TRT10Y500 (TRT10Y/"I0010":TRT10Y)*100 Percentage These concepts are Total Return for five or 10 years divided by Total Return for the S&P 500 for five or 10 years. This total is then multiplied by 100. Relative Total Return – S&P Industrials Mnemonic Concept Calculation Units 5 Year TRT5YIND (TRT5Y/"I0001":TRT5Y)*100 Percentage 10 Year TRT10YIND (TRT10Y/I0001:TRT10Y)*100 Percentage These concepts are Total Return for five or 10 years divided by Total Return for the S&P Industrials for five or 10 years. This total is then multiplied by 100. Relative Total Return – S&P MidCap Mnemonic Concept Calculation Units 5 Year TRT5YMID (TRT5Y/"I0016":TRT5Y)*100 Percentage 10 Year TRT10YMID (TRT10Y/"'I0016":TRT10Y)*100 Percentage These concepts are Total Return for five or 10 years divided by Total Return for the S&P MidCap for five or 10 years. This total is then multiplied by 100. Relative Total Return – S&P Sector Mnemonic Concept Calculation Units 5 Year TRT5YIDX (TRT5Y/@CSUM(TRT5Y, Percentage @SET($I,@and((SIC=@CHGCO(COMPANY) :SPIIM),@find(“500”,conm))))*100 10 Year TRT10YIDX (TRT10Y/@CSUM(TRT10Y, Percentage @SET($I,@and((SIC=@CHGCO(COMPANY) :SPIIM),@find(“500”,conm))))*100 These concepts are Total Return for five or 10 years divided by Total Return for the S&P Sector that the company is a member of for five or 10 years. This total is then multiplied by 100. Total Return Mnemonic Concept Calculation Units 1 Year TRT1Y (((PRCCM*TRFM)/(PRCCM*TRFM)[-12])-1)*100 Percentage 3 Year TRT3Y ((((PRCCM*TRFM)/(PRCCM*TRFM)[-36])^ Percentage (1.0/3.0))-1)*100 5 Year TRT5Y ((((PRCCM*TRFM)/(PRCCM*TRFM)[-60])^ Percentage (1.0/5.0))-1)*100 10 Year TRT10Y ((((PRCCM*TRFM)/(PRCCM*TRFM)[-120])^ Percentage (1.0/10.0))-1)*100 16-25 COMPUSTAT (North America) Data Guide The Total Return concepts are annualized rates of return for one, three, five, and 10 years reflecting price appreciation plus reinvestment of monthly dividends and the compounding effect of dividends paid on reinvested dividends. Note Total returns on the S&P Indexes that have been calculated using Standard & Poor’s Compustat may differ from the total returns on the S&P Indexes calculated by Standard & Poor's. 16-26

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