Market Ratios

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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
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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




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                                                                                   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

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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


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                                                                             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




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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.


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                                                                                    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.


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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.



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                                                                                                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



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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


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                                                                                                  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




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                                                                                 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.




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                                                                                  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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