Category Archives: Investing

How long would it take Berkshire Hathaway to own all of Coca Cola if it reinvested its dividends?

Sometimes I wonder about the power of dividends and how much it drives the return of the market and specific stocks in general. I was thinking about Warren Buffett and the 400,000,000 shares of Coca Cola Berkshire Hathaway owns. This made me wonder just how long it would take Berkshire to buy up all the shares of Coca Cola if they reinvested their dividends every quarter they are received.

I have to make some assumptions in this little business thought experiment, and feel free to let me know if you think I have missed something (which I easily could have). Obviously it would be much harder to buy up all the shares through dividend reinvestment, because the market would figure out what was happening after a period of time and others would buy Coca Cola stock, and realize they would be paid a premium at a certain point if Berkshire desired to own all of Coke. As well, Buffett does not believe in paying dividends so at a certain point of majority ownership he might decide to stop dividend payments.

My assumptions were Coca Cola would continue to increase its dividend, as it has done for over 50+ years. I am assuming a rate of 7% increase. This could obviously be much lower, but appears to be reasonable given the history.  I am assuming a 5% increase in the price of the Coca Cola. I am using 1.25% increase each quarter since the dividends will be disbursed every quarter and then reinvested in the stock. As far as taxes go for Berkshire on the dividends I am using the top corporate tax rate of 35%, and dividend reduction deduction for Berkshire of 70% initially, and 80% when they hit 20% ownership, and the full dividend reduction when ownership hits 80%.

Any quesses on the number of years it would take? 1000, 500, 200, 100! It would take just over 51 years if Berkshire started to reinvest in Coca Cola today to end up owning the entire company.

You can click on the link to see the math of the post in the spreadsheet I made, or look at the data below.

buffett ko buying all through dividends

dividend Corporate Corporate taxes on Share dividend new shares current share percent
Shares amount TAX RATE .35% Dividend reduction 70% dividends after tax available for reinv price amount purchased amount ownership
400000000 140000000 49000000 34300000 14700000 125300000 44.15 0.35 2837891 402837891.4 9.33%
402837891.4 140993262 49347641.7 34543349.19 14804292.51 126188969.5 44.70 0.35 2822741 405660632.6 9.40%
405660632.6 141981221.4 49693427.49 34785399.25 14908028.25 127073193.2 45.26 0.35 2807428 408468060.3 9.46%
408468060.3 152971288.6 53539951 37477965.7 16061985.3 136909303.3 45.83 0.37 2987394 411455454.7 9.53%
411455454.7 154090067.8 53931523.73 37752066.61 16179457.12 137910610.7 46.40 0.37 2972092 414427546.8 9.60%
414427546.8 155203116.3 54321090.69 38024763.48 16296327.21 138906789.1 46.98 0.37 2956603 417384149.8 9.67%
417384149.8 156310364.1 54708627.43 38296039.2 16412588.23 139897775.9 47.57 0.37 2940934 420325084 9.74%
420325084 168430566.1 58950698.12 41265488.68 17685209.44 150745356.6 48.16 0.40 3129849 423454933.3 9.81%
423454933.3 169684743.6 59389660.26 41572762.18 17816898.08 151867845.5 48.77 0.40 3114227 426569160.4 9.88%
426569160.4 170932661.1 59826431.39 41878501.97 17947929.42 152984731.7 49.38 0.40 3098400 429667560.5 9.96%
429667560.5 172174236.5 60260982.78 42182687.95 18078294.83 154095941.7 49.99 0.40 3082376 432749936.3 10.03%
432749936.3 185548048.1 64941816.83 45459271.78 19482545.05 166065503 50.62 0.43 3280793 436030728.9 10.10%
436030728.9 186954737.3 65434158.05 45803910.63 19630247.41 167324489.9 51.25 0.43 3264854 439295583.4 10.18%
439295583.4 188354592.8 65924107.47 46146875.23 19777232.24 168577360.5 51.89 0.43 3248692 442544275.3 10.25%
442544275.3 189747518.3 66411631.42 46488141.99 19923489.43 169824028.9 52.54 0.43 3232313 445776588.2 10.33%
445776588.2 204512760.6 71579466.22 50105626.35 21473839.87 183038920.8 53.20 0.46 3440826 449217413.9 10.41%
449217413.9 206091337.8 72131968.23 50492377.76 21639590.47 184451747.3 53.86 0.46 3424577 452641991.1 10.49%
452641991.1 207662460.6 72681861.2 50877302.84 21804558.36 185857902.2 54.53 0.46 3408083 456050074.3 10.57%
456050074.3 209226016.2 73229105.68 51260373.98 21968731.7 187257284.5 55.22 0.46 3391352 459441426.2 10.65%
459441426.2 225536628.6 78937820.01 55256474.01 23681346 201855282.6 55.91 0.49 3610599 463052024.8 10.73%
463052024.8 227309046.6 79558166.3 55690716.41 23867449.89 203441596.7 56.61 0.49 3594048 466646072.4 10.81%
466646072.4 229073339.7 80175668.91 56122968.24 24052700.67 205020639.1 57.31 0.49 3577228 470223300.3 10.89%
470223300.3 230829376.3 80790281.7 56553197.19 24237084.51 206592291.8 58.03 0.49 3560148 473783448.8 10.98%
473783448.8 248857420.6 87100097.22 60970068.05 26130029.17 222727391.5 58.75 0.53 3790815 477574263.9 11.07%
477574263.9 250848567.6 87796998.65 61457899.05 26339099.59 224509468 59.49 0.53 3773971 481348235.2 11.15%
481348235.2 252830867.2 88490803.53 61943562.47 26547241.06 226283626.2 60.23 0.53 3756834 485105069.4 11.24%
485105069.4 254804165.5 89181457.94 62427020.56 26754437.38 228049728.2 60.99 0.53 3739413 488844482.4 11.33%
488844482.4 274742095.2 96159733.3 67311813.31 28847919.99 245894175.2 61.75 0.56 3982237 492826719.2 11.42%
492826719.2 276980205.9 96943072.06 67860150.44 29082921.62 247897284.3 62.52 0.56 3965113 496791832.3 11.51%
496791832.3 279208692.7 97723042.44 68406129.71 29316912.73 249891779.9 63.30 0.56 3947669 500739501.4 11.60%
500739501.4 281427375.6 98499581.45 68949707.01 29549874.43 251877501.1 64.09 0.56 3929915 504669416.1 11.69%
504669416.1 303490605.6 106221712 74355198.38 31866513.59 271624092 64.89 0.60 4185689 508855105.5 11.79%
508855105.5 306007733.4 107102706.7 74971894.69 32130812.01 273876921.4 65.70 0.60 4168301 513023406.9 11.89%
513023406.9 308514404.7 107980041.6 75586029.15 32394012.49 276120392.2 66.53 0.60 4150564 517173971.1 11.98%
517173971.1 311010409.4 108853643.3 76197550.3 32656092.99 278354316.4 67.36 0.60 4132488 521306458.8 12.08%
521306458.8 335440231.6 117404081.1 82182856.75 35221224.32 300219007.3 68.20 0.64 4402068 525708527.1 12.18%
525708527.1 338272789.6 118395476.4 82876833.46 35518642.91 302754146.7 69.05 0.64 4384435 530092962.2 12.28%
530092962.2 341094001.5 119382900.5 83568030.36 35814870.15 305279131.3 69.92 0.64 4366421 534459383.6 12.38%
534459383.6 343903622.1 120366267.7 84256387.41 36109880.32 307793741.8 70.79 0.64 4348037 538807421 12.48%
538807421 370970512.3 129839679.3 90887775.52 38951903.79 332018608.5 71.67 0.69 4632345 543439765.8 12.59%
543439765.8 374159895.5 130955963.4 91669174.41 39286789.03 334873106.5 72.57 0.69 4614490 548054255.7 12.70%
548054255.7 377336985.5 132067944.9 92447561.46 39620383.48 337716602.1 73.48 0.69 4596220 552650475.7 12.80%
552650475.7 380501496.7 133175523.8 93222866.68 39952657.15 340548839.5 74.40 0.69 4577547 557228022.2 12.91%
557228022.2 410508871.6 143678105.1 100574673.5 43103431.52 367405440.1 75.33 0.74 4877575 562105596.7 13.02%
562105596.7 414102171.9 144935760.2 101455032.1 43480728.05 370621443.9 76.27 0.74 4859525 566965121.9 13.14%
566965121.9 417682175.3 146188761.4 102332133 43856628.41 373825546.9 77.22 0.74 4841024 571806146 13.25%
571806146 421248549 147436992.1 103205894.5 44231097.64 377017451.3 78.19 0.74 4822083 576628229.1 13.36%
dividend Corporate Corporate taxes on Share dividend new shares current share percent
Shares amount TAX RATE .35% Dividend reduction 70% dividends after tax available for reinv price amount purchased amount ownership
576628229.1 454537036.6 159087962.8 111361574 47726388.84 406810647.8 79.16 0.79 5138904 581767133.2 13.48%
581767133.2 458587865.4 160505752.9 112354027 48151725.87 410436139.6 80.15 0.79 5120693 586887826.5 13.60%
586887826.5 462624339.2 161918518.7 113342963.1 48575555.62 414048783.6 81.15 0.79 5101991 591989817 13.72%
591989817 466646070.3 163326124.6 114328287.2 48997837.39 417648233 82.17 0.79 5082809 597072625.6 13.83%
597072625.6 503598368.6 176259429 123381600.3 52877828.7 450720539.9 83.20 0.84 5417581 602490206.8 13.96%
602490206.8 508167804.3 177858731.5 124501112.1 53357619.46 454810184.9 84.24 0.84 5399247 607889454.1 14.08%
607889454.1 512721776.6 179452621.8 125616835.3 53835786.54 458885990 85.29 0.84 5380378 613269832.4 14.21%
613269832.4 517259833.8 181040941.8 126728659.3 54312282.54 462947551.2 86.35 0.84 5360987 618630819.6 14.33%
618630819.6 558306243.1 195407185.1 136785029.6 58622155.53 499684087.6 87.43 0.90 5714964 624345783.1 14.47%
624345783.1 563463923.2 197212373.1 138048661.2 59163711.93 504300211.2 88.53 0.90 5696552 630042335.1 14.60%
630042335.1 568604987 199011745.5 139308221.8 59703523.64 508901463.4 89.63 0.90 5677558 635719893.2 14.73%
635719893.2 573728909.1 200805118.2 140563582.7 60241535.45 513487373.6 90.75 0.90 5657996 641377889 14.86%
641377889 619353638.8 216773773.6 151741641.5 65032132.08 554321506.7 91.89 0.97 6032531 647410419.8 15.00%
647410419.8 625179018.8 218812656.6 153168859.6 65643796.97 559535221.8 93.04 0.97 6014094 653424513.9 15.14%
653424513.9 630986595.1 220845308.3 154591715.8 66253592.49 564733002.6 94.20 0.97 5995024 659419537.8 15.28%
659419537.8 636775756.2 222871514.7 156010060.3 66861454.4 569914301.8 95.38 0.97 5975335 665394873.1 15.42%
665394873.1 687524118 240633441.3 168443408.9 72190032.39 615334085.6 96.57 1.03 6371896 671766768.9 15.56%
671766768.9 694107925.9 242937774.1 170056441.9 72881332.22 621226593.7 97.78 1.03 6353495 678120264 15.71%
678120264 700672721.2 245235452.4 171664816.7 73570635.73 627102085.5 99.00 1.03 6334406 684454669.7 15.86%
684454669.7 707217792.2 247526227.3 173268359.1 74257868.18 632959924 100.24 1.03 6314643 690769312.8 16.00%
690769312.8 763704414.4 267296545 187107581.5 80188963.51 683515450.9 101.49 1.11 6734819 697504131.4 16.16%
697504131.4 771150330.9 269902615.8 188931831.1 80970784.75 690179546.2 102.76 1.11 6716525 704220656.1 16.32%
704220656.1 778576022.1 272501607.7 190751125.4 81750482.32 696825539.8 104.04 1.11 6697482 710918138.1 16.47%
710918138.1 785980660 275093231 192565261.7 82527969.3 703452690.7 105.34 1.11 6677707 717595845.2 16.63%
717595845.2 848898875.4 297114606.4 207980224.5 89134381.91 759764493.5 106.66 1.18 7123221 724719066.4 16.79%
724719066.4 857325477.2 300063917 210044741.9 90019175.1 767306302.1 107.99 1.18 7105116 731824182.4 16.96%
731824182.4 865730661 303005731.3 212104011.9 90901719.4 774828941.6 109.34 1.18 7086197 738910379.1 17.12%
738910379.1 874113463.8 305939712.3 214157798.6 91781913.69 782331550.1 110.71 1.18 7066481 745976860 17.28%
745976860 944246049.1 330486117.2 231340282 99145835.16 845100214 112.09 1.27 7539204 753516064.4 17.46%
753516064.4 953789058.3 333826170.4 233678319.3 100147851.1 853641207.2 113.50 1.27 7521382 761037446.5 17.63%
761037446.5 963309508.1 337158327.8 236010829.5 101147498.4 862162009.8 114.91 1.27 7502675 768540121.4 17.81%
768540121.4 972806278.7 340482197.6 238337538.3 102144659.3 870661619.5 116.35 1.27 7483101 776023222.5 17.98%
776023222.5 1051037752 367863213.3 257504249.3 110358964 940678788.3 117.80 1.35 7985066 784008288.9 18.17%
784008288.9 1061852643 371648425 260153897.5 111494527.5 950358115.4 119.28 1.35 7967635 791975924 18.35%
791975924 1072643925 375425373.7 262797761.6 112627612.1 960016312.6 120.77 1.35 7949242 799925166.2 18.53%
799925166.2 1083410295 379193603.4 265435522.4 113758081 969652214.4 122.28 1.35 7929907 807855073 18.72%
807855073 1170741012 409759354.1 286831547.9 122927806.2 1047813206 123.81 1.45 8463323 816318396.1 18.91%
816318396.1 1183006033 414052111.5 289836478.1 124215633.5 1058790399 125.35 1.45 8446407 824764803.3 19.11%
824764803.3 1195246539 418336288.8 292835402.2 125500886.6 1069745653 126.92 1.45 8428446 833193249.6 19.30%
833193249.6 1207461017 422611356 295827949.2 126783406.8 1080677610 128.51 1.45 8409460 841602709.6 19.50%
841602709.6 1305023339 456758168.5 319730717.9 137027450.5 1167995888 130.11 1.55 8976732 850579441.2 19.71%
850579441.2 1318943023 461630058.1 323141040.7 138489017.4 1180454006 131.74 1.55 8960474 859539914.8 19.92%
859539914.8 1332837497 466493124.1 373194499.3 93298624.81 1239538873 133.39 1.55 9292809 868832723.9 20.13%
868832723.9 1347247304 471536556.6 377229245.2 94307311.31 1252939993 135.05 1.55 9277311 878110034.6 20.35%
878110034.6 1456947395 509931588.2 407945270.5 101986317.6 1354961077 136.74 1.66 9908858 888018893 20.57%
888018893 1473388028 515685809.9 412548647.9 103137162 1370250866 138.45 1.66 9896961 897915853.8 20.80%
897915853.8 1489808922 521433122.6 417146498.1 104286624.5 1385522297 140.18 1.66 9883716 907799569.7 21.03%
dividend Corporate Corporate taxes on Share dividend new shares current share percent
Shares amount TAX RATE .35% Dividend reduction 70% dividends after tax available for reinv price amount purchased amount ownership
907799569.7 1506207839 527172743.8 421738195.1 105434548.8 1400773291 141.93 1.66 9869146 917668715.3 21.26%
917668715.3 1629163363 570207177.1 456165741.6 114041435.4 1515121928 143.71 1.78 10543001 928211716.5 21.51%
928211716.5 1647880653 576758228.5 461406582.8 115351645.7 1532529007 145.51 1.78 10532473 938744189.2 21.75%
938744189.2 1666579251 583302737.9 466642190.3 116660547.6 1549918704 147.32 1.78 10520479 949264668.6 21.99%
949264668.6 1685256557 589839795 471871836 117967959 1567288598 149.17 1.78 10507044 959771712.5 22.24%
959771712.5 1823183712 638114299.2 510491439.3 127622859.8 1695560852 151.03 1.90 11226643 970998355.8 22.50%
970998355.8 1844509860 645578450.8 516462760.7 129115690.2 1715394169 152.92 1.90 11217742 982216097.7 22.76%
982216097.7 1865819098 653036684.3 522429347.4 130607336.9 1735211761 154.83 1.90 11207247 993423345.2 23.02%
993423345.2 1887108401 660487940.4 528390352.3 132097588.1 1755010813 156.76 1.90 11195184 1004618529 23.28%
1004618529 2041961024 714686358.5 571749086.8 142937271.7 1899023753 158.72 2.03 11964287 1016582816 23.55%
1016582816 2066279317 723197760.9 578558208.7 144639552.2 1921639765 160.71 2.03 11957307 1028540123 23.83%
1028540123 2090583421 731704197.5 585363358 146340839.5 1944242582 162.72 2.03 11948594 1040488717 24.11%
1040488717 2114869817 740204436 592163548.8 148040887.2 1966828930 164.75 2.03 11938174 1052426891 24.38%
1052426891 2288874486 801106070.2 640884856.1 160221214 2128653272 166.81 2.17 12760897 1065187788 24.68%
1065187788 2316627571 810819649.7 648655719.8 162163929.9 2154463641 168.90 2.17 12756174 1077943962 24.98%
1077943962 2344370382 820529633.7 656423706.9 164105926.7 2180264455 171.01 2.17 12749566 1090693528 25.27%
1090693528 2372098822 830234587.8 664187670.2 166046917.6 2206051905 173.14 2.17 12741100 1103434628 25.57%
1103434628 2567795470 898728414.3 718982731.5 179745682.9 2388049787 175.31 2.33 13621958 1117056586 25.88%
1117056586 2599495039 909823263.5 727858610.8 181964652.7 2417530386 177.50 2.33 13619873 1130676459 26.20%
1130676459 2631189756 920916414.8 736733131.8 184183283 2447006474 179.72 2.33 13615739 1144292198 26.51%
1144292198 2662874853 932006198.6 745604958.9 186401239.7 2476473613 181.97 2.33 13609581 1157901780 26.83%
1157901780 2883163814 1009107335 807285868 201821467 2681342347 184.24 2.49 14553529 1172455308 27.17%
1172455308 2919401954 1021790684 817432547.2 204358136.8 2715043817 186.54 2.49 14554519 1187009827 27.50%
1187009827 2955642559 1034474896 827579916.6 206894979.2 2748747580 188.87 2.49 14553278 1201563105 27.84%
1201563105 2991880076 1047158027 837726421.3 209431605.3 2782448471 191.24 2.49 14549835 1216112940 28.18%
1216112940 3240076651 1134026828 907221462.1 226805365.5 3013271285 193.63 2.66 15562313 1231675253 28.54%
1231675253 3281539153 1148538704 918830962.9 229707740.7 3051831413 196.05 2.66 15566874 1247242127 28.90%
1247242127 3323013809 1163054833 930443866.5 232610966.6 3090402842 198.50 2.66 15569008 1262811135 29.26%
1262811135 3364494149 1177572952 942058361.8 235514590.5 3128979559 200.98 2.66 15568743 1278379877 29.62%
1278379877 3644391948 1275537182 1020429745 255107436.3 3389284511 203.49 2.85 16655735 1295035612 30.01%
1295035612 3691873943 1292155880 1033724704 258431176 3433442767 206.03 2.85 16664434 1311700046 30.39%
1311700046 3739380736 1308783257 1047026606 261756651.5 3477624084 208.61 2.85 16670489 1328370535 30.78%
1328370535 3786904792 1325416677 1060333342 265083335.4 3521821457 211.22 2.85 16673932 1345044467 31.16%
1345044467 4102849368 1435997279 1148797823 287199455.8 3815649912 213.86 3.05 17842026 1362886493 31.58%
1362886493 4157273699 1455045795 1164036636 291009159 3866264540 216.53 3.05 17855507 1380742000 31.99%
1380742000 4211739152 1474108703 1179286963 294821740.6 3916917411 219.24 3.05 17866110 1398608110 32.40%
1398608110 4266236947 1493182931 1194546345 298636586.3 3967600361 221.98 3.05 17873865 1416481975 32.82%
1416481975 4623211486 1618124020 1294499216 323624804 4299586682 224.75 3.26 19130320 1435612295 33.26%
1435612295 4685650342 1639977620 1311982096 327995524 4357654818 227.56 3.26 19149318 1454761613 33.71%
1454761613 4748151207 1661852922 1329482338 332370584.5 4415780623 230.41 3.26 19165182 1473926795 34.15%
1473926795 4810703849 1683746347 1346997078 336749269.4 4473954580 233.29 3.26 19177942 1493104737 34.59%
1493104737 5214429007 1825050152 1460040122 365010030.5 4849418977 236.20 3.49 20530764 1513635501 35.07%
1513635501 5286129409 1850145293 1480116234 370029058.6 4916100350 239.16 3.49 20556118 1534191619 35.55%
1534191619 5357918357 1875271425 1500217140 375054285 4982864072 242.14 3.49 20578057 1554769676 36.02%
1554769676 5429783924 1900424373 1520339499 380084874.7 5049699049 245.17 3.49 20596612 1575366289 36.50%
1575366289 5886834293 2060392002 1648313602 412078400.5 5474755892 248.24 3.74 22054643 1597420932 37.01%
1597420932 5969248159 2089236856 1671389485 417847371.2 5551400788 251.34 3.74 22087310 1619508241 37.52%
dividend Corporate Corporate taxes on Share dividend new shares current share percent
Shares amount TAX RATE .35% Dividend reduction 70% dividends after tax available for reinv price amount purchased amount ownership
1619508241 6051784096 2118124434 1694499547 423624886.7 5628159209 254.48 3.74 22116255 1641624496 38.04%
1641624496 6134428193 2147049868 1717639894 429409973.5 5705018220 257.66 3.74 22141509 1663766004 38.55%
1663766004 6652368327 2328328914 1862663132 465665782.9 6186702544 260.88 4.00 23714522 1687480526 39.10%
1687480526 6747187992 2361515797 1889212638 472303159.5 6274884833 264.14 4.00 23755593 1711236119 39.65%
1711236119 6842171873 2394760156 1915808124 478952031.1 6363219842 267.45 4.00 23792606 1735028725 40.20%
1735028725 6937303746 2428056311 1942445049 485611262.2 6451692484 270.79 4.00 23825592 1758854317 40.75%
1758854317 7524847237 2633696533 2106957226 526739306.6 6998107931 274.17 4.28 25524406 1784378723 41.34%
1784378723 7634047446 2671916606 2137533285 534383321.2 7099664125 277.60 4.28 25575126 1809953849 41.94%
1809953849 7743464648 2710212627 2168170101 542042525.3 7201422122 281.07 4.28 25621421 1835575271 42.53%
1835575271 7853079912 2748577969 2198862375 549715593.9 7303364319 284.58 4.28 25663323 1861238593 43.12%
1861238593 8520275653 2982096479 2385677183 596419295.7 7923856357 288.14 4.58 27499923 1888738516 43.76%
1888738516 8646163288 3026157151 2420925721 605231430.2 8040931858 291.74 4.58 27561715 1916300231 44.40%
1916300231 8772333791 3070316827 2456253461 614063365.4 8158270425 295.39 4.58 27618680 1943918911 45.04%
1943918911 8898765065 3114567773 2491654218 622913554.6 8275851511 299.08 4.58 27670849 1971589760 45.68%
1971589760 9657215615 3380025465 2704020372 676005093.1 8981210522 302.82 4.90 29658531 2001248291 46.37%
2001248291 9802488650 3430871027 2744696822 686174205.5 9116314444 306.61 4.90 29733020 2030981311 47.06%
2030981311 9948126546 3481844291 2785475433 696368858.2 9251757688 310.44 4.90 29802243 2060783553 47.75%
2060783553 10094103507 3532936228 2826348982 706587245.5 9387516262 314.32 4.90 29866227 2090649781 48.44%
2090649781 10957221449 3835027507 3068022006 767005501.4 10190215947 318.25 5.24 32019756 2122669537 49.18%
2122669537 11125038919 3893763622 3115010897 778752724.3 10346286195 322.23 5.24 32108801 2154778338 49.93%
2154778338 11293323079 3952663078 3162130462 790532615.5 10502790463 326.25 5.24 32192097 2186970435 50.67%
2186970435 11462043799 4011715330 3209372264 802343065.9 10659700733 330.33 5.24 32269672 2219240106 51.42%
2219240106 12445353069 4355873574 3484698859 871174714.8 11574178354 334.46 5.61 34605464 2253845570 52.22%
2253845570 12639418241 4423796385 3539037108 884759276.9 11754658965 338.64 5.61 34711190 2288556760 53.02%
2288556760 12834076321 4491926712 3593541370 898385342.5 11935690978 342.87 5.61 34810640 2323367400 53.83%
2323367400 13029292108 4560252238 3648201790 912050447.5 12117241660 347.16 5.61 34903837 2358271237 54.64%
2358271237 14150782678 4952773937 3962219150 990554787.5 13160227891 351.50 6.00 37440168 2395711405 55.51%
2395711405 14375442025 5031404709 4025123767 1006280942 13369161083 355.89 6.00 37565009 2433276414 56.38%
2433276414 14600850483 5110297669 4088238135 1022059534 13578790949 360.34 6.00 37682995 2470959409 57.25%
2470959409 14826966913 5189438420 4151550736 1037887684 13789079229 364.85 6.00 37794147 2508753556 58.13%
2508753556 16107512831 5637629491 4510103593 1127525898 14979986933 369.41 6.42 40551384 2549304941 59.07%
2549304941 16367873973 5728755890 4583004712 1145751178 15222122795 374.03 6.42 40698128 2590003069 60.01%
2590003069 16629177289 5820212051 4656169641 1164042410 15465134879 378.70 6.42 40837382 2630840451 60.96%
2630840451 16891374690 5911981141 4729584913 1182396228 15708978461 383.43 6.42 40969164 2671809615 61.90%
2671809615 18355227467 6424329614 5139463691 1284865923 17070361545 388.23 6.87 43970038 2715779653 62.92%
2715779653 18657299907 6530054967 5224043974 1306010993 17351288913 393.08 6.87 44141880 2759921533 63.95%
2759921533 18960552897 6636193514 5308954811 1327238703 17633314195 397.99 6.87 44305537 2804227070 64.97%
2804227070 19264930201 6742725570 5394180456 1348545114 17916385087 402.97 6.87 44461019 2848688089 66.00%
2848688089 20940301958 7329105685 5863284548 1465821137 19474480821 408.01 7.35 47730928 2896419017 67.11%
2896419017 21291165240 7451907834 5961526267 1490381567 19800783674 413.11 7.35 47931535 2944350553 68.22%
2944350553 21643503156 7575226105 6060180884 1515045221 20128457935 418.27 7.35 48123193 2992473746 69.33%
2992473746 21997249918 7699037471 6159229977 1539807494 20457442424 423.50 7.35 48305906 3040779652 70.45%
3040779652 23917003567 8370951248 6696760999 1674190250 22242813317 428.79 7.87 51873265 3092652917 71.66%
3092652917 24325008487 8513752970 6811002376 1702750594 22622257893 434.15 7.87 52106846 3144759762 72.86%
3144759762 24734850617 8657197716 6925758173 1731439543 23003411074 439.58 7.87 52330640 3197090402 74.07%
3197090402 25146452981 8801258543 7041006835 1760251709 23386201272 445.07 7.87 52544644 3249635046 75.29%
3249635046 27348920279 9572122098 7657697678 1914424420 25434495859 450.64 8.42 56441282 3306076328 76.60%
dividend Corporate Corporate taxes on Share dividend new shares current share percent
Shares amount TAX RATE .35% Dividend reduction 70% dividends after tax available for reinv price amount purchased amount ownership
3306076328 27823929967 9738375488 7790700391 1947675098 25876254869 456.27 8.42 56712674 3362789002 77.91%
3362789002 28301223689 9905428291 7924342633 1981085658 26320138030 461.97 8.42 56973361 3419762363 79.23%
3419762363 28780711346 10073248971 10073248971 0 28780711346 467.75 8.42 61530461 3481292823 80.66%
3481292823 31349450154 10972307554 10972307554 0 31349450154 473.59 9.01 66194749 3547487572 82.19%
3547487572 31945541630 11180939571 11180939571 0 31945541630 479.51 9.01 66620645 3614108217 83.74%
3614108217 32545468353 11390913924 11390913924 0 32545468353 485.51 9.01 67033836 3681142053 85.29%
3681142053 33149115908 11602190568 11602190568 0 33149115908 491.58 9.01 67434240 3748576293 86.85%
3748576293 36119314985 12641760245 12641760245 0 36119314985 497.72 9.64 72569309 3821145602 88.53%
3821145602 36818554783 12886494174 12886494174 0 36818554783 503.94 9.64 73060929 3894206531 90.23%
3894206531 37522531571 13132886050 13132886050 0 37522531571 510.24 9.64 73538633 3967745163 91.93%
3967745163 38231111264 13380888942 13380888942 0 38231111264 516.62 9.64 74002316 4041747479 93.65%
4041747479 41670249874 14584587456 14584587456 0 41670249874 523.08 10.31 79663514 4121410993 95.49%
4121410993 42491577421 14872052097 14872052097 0 42491577421 529.62 10.31 80230810 4201641803 97.35%
4201641803 43318753765 15161563818 15161563818 0 43318753765 536.24 10.31 80782864 4282424667 99.22%
4282424667 44151621761 15453067616 15453067616 0 44151621761 542.94 10.31 81319541 4363744208 101.11%