text:
32 years of experience
Accepting new patients
32 years of experience
Accepting new patients
Downtown Canton
625 Cleveland Ave NW
Canton, OH 44702 Phone number & directions
625 Cleveland Ave NW
Canton, OH 44702 Phone number & directions
License & Identifications
A medical license is required for a doctor to practice medicine in a particular state. Requirements vary by state but most require, at a minimum, post-graduate training in the doctor's specific specialty. An NPI number is a national identifier unique to an individual health care provider and is managed by the Center for Medicare & Medicaid Services (CMS).
Learn more about Dr. Krishnan Sivaram:
View the full profile to get information on:
- Qualifications
- What's important to you
View full profile
Patient Reviews
Patient comments (0)
The overall average patient rating of Dr. Krishnan Sivaram is Poor.
Specialties & Research
- He has special expertise in 7 areas:
- Attention Deficit Disorder (ADD) / Attention Deficit Hyperactivity Disorder (ADHD)
- Bipolar Disorder / Manic Depressive Disorder
- Depression
- Depressive Disorder
- Insomnia
- Schizophrenia
- Sleep Disorders
Education & Awards
Dr. Sivaram graduated from Madurai Medical College.
Dr. Sivaram has 1 hospital affiliations:
- Heartland Behavioral Healthcare
- Tamil
- Malayalam
Home > Find a Psychiatrist > OH > Canton Psychiatrists > Dr. Krishnan Sivaram, MD
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- Additional Information
- Dr. Krishnan Sivaram MD is a male Psychiatrist, has 32 years of experience and practices in Psychiatry.
- Where does Dr. Krishnan Sivaram practice?
- Dr. Krishnan Sivaram has 4 office locations.
Dr. Krishnan Sivaram practices Psychiatry near Canton, OH.
Additional practice locations include: Massillon, OH and North Canton, OH.
See Canton Psychiatrists.


text:
I have downloaded the C# 2000 express edition and made a project.
I can compile this project from the command prompt like this
"C:\Program Files\Microsoft Visual Studio 9.0\Common7\IDE\vcsexpress.exe" myProj.sln /build
My question is, is there a more "platform/IDE" independed way of doing this ?
Like this
msbuild myProj.sln /build
Where msbuild is some fantastic microsoft windows built in tool that, not only find out that it is a C# project but also find the right compiler as well and start it.

subset: commoncrawl


text:
Select Local Merchants
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Fun Factory Roller SkatingRead MoreBeneath glimmering disco balls and colorful graffiti murals, roller skaters of all ages and experience levels careen across the hardwood floors of Fun Factory Roller Skating's indoor rink. The kid-friendly melodies of Radio Disney serenade pint-size skaters each Saturday morning, and top pop ballads resound across the rink on Saturday and Sunday nights. Gearing up patrons for wheeled motion, the onsite shop equips patrons with skates for rent or purchase, though customers are responsible for feeding and watering them. Beyond the rink, the facility's sizeable arcade engages thumbs, and a bounce house ricochets lively lads and lasses off colorful, cushioned walls. After an action-packed day of exertion, guests can refuel at the concession stand with pizza and snacks. The center opens its facilities for private parties, field trips, and fundraisers while frequently inviting costumed characters to interact with kids and talk Wall Street with adults.1631 Sherman Ave.Norwood, OH US
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You can now invite anyone to meet at your favorite Starbucks.
Limited-time feature
35 year old man | Houston, TX, USA | Seeking women 25-40 within 5 miles
Looking for my other half!
Well! Lets try. lol I live by my self, been by my self for the past 2 years. I have two kids that i love to dead and i see them every other weekend. A have a few hobbies like painting by pencil and olio painting, reading, movies, traveling and a few more! Im to active..lol I work out at list 5 times a week, love the outdoors, I go running at the memorial park a lot! I consider my self as a simple guy! Why get mad or upset when you can be happy and enjoy every moment to the fullest. Life sometimes is not easy!! But when you have the right person by your side nothing is impossible! And bottom line thats what im looking for something serious and real! My other half! And the only way to find out is by give the chance to know each other!
Book club , Camping , Coffee and conversation , Cooking , Dining out , Gardening/Landscaping , Hobbies and crafts , Movies/Videos , Museums and art , Music and concerts , Exploring new areas , Nightclubs/Dancing , Performing arts , Shopping/Antiques , Travel/Sightseeing , Video games , Volunteering , Wine tasting
Cycling, Dancing, Other types of exercise, Running, Swimming, Walking / Hiking, Weights / Machines
I exercise 5 or more times per week.
I have Fish
I like Birds
Memorial park
Movies Books spanish and english Shopping..lol Drawing Tattoos Watches
Enjoy life to the fullest no matter the circumstances!
Paolo coelho
Z{{Cta}} {{#if HasMoreInfo}} ?{{CtaSecondary}} {{/if}}
|What he is looking for
|5'10" (177cms)
|5'0" (152cms) to 8'11" (271cms)
|Body type:
|Athletic and toned
|Slender, Big and beautiful, About average, Athletic and toned
|No preference
|No preference
|No Way
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|Social Drinker
|Social Drinker
|Technical / Science / Computers / Engineering
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As a right now i work in the chemical plants , Im in charge of the repairs of big vessels and towers on Exxon Baytown Refainery.
|I'll tell you later
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|Never Married, Widow / Widower, Divorced
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|No, No, but it's OK if my partner has kids
|Latino / Hispanic
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text:
OSI-Approved Open Source (48)
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- Mozilla Public License 1.1 (1)
- NASA Open Source Agreement (1)
- Other License (10)
- Windows (53)
- Linux (46)
- Grouping and Descriptive Categories (45)
- Mac (37)
- Modern (15)
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Load, modify and save your GPX 1.1 files. Add and remove waypoints, edit track and routes, simplify tracks (reducing file's size), clean recorded data, add and edit GPX metadata, edit waypoint, route and track properties, all with real-time preview.922 weekly downloads
Viking GPS data editor and analyzer
Viking is a free/open source program to manage GPS data. You can import, plot and create tracks, routes and waypoints, show OSM, Bing Aerial and other maps, geotag images, see real-time GPS position (not in Windows), make maps using Mapnik (not in Windows), control items, etc. It is written in mostly in C (with some C++) & the GTK+2 toolkit.796 weekly downloads
The JUMP Pilot Project
OpenJUMP is a community driven fork of JUMP the "Java Unified Mapping Platform" GIS software. The original JUMP was developed by Vivid Solutions, released under GPL2 in 2003 and discontinued in 2006. During 2004 already some enthusiastic developers joined together to enhance further the features of JUMP. They launched an independent development branch called OpenJUMP. The name gives credit to the original JUMP development, and at the same time describes the objectives of this project to be fully open to anyone wanting to contribute. These days OpenJUMP is developed and maintained by (some few) volunteers around the globe. If you need functionality or even better want to contribute you are very welcome to contact us at our mailing list.776 weekly downloads
QLandkarte GT
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GeoNetwork - Geographic Metadata Catalog
A web based Geographic Metadata Catalog for data description and discovery. It implements international standards (e.g. ISO19115/19139, ISO19115-3, Z39.50, CSW 2.0, OGC). It originates from the United Nations and is used by many governments as geoportal software Source code available on github https://github.com/geonetwork/404 weekly downloads
Orfeo ToolBox
OTB is an open-source C++ library for remote sensing images processing488 weekly downloads
Modular, touch screen friendly car navigation system with GPS tracking, realtime routing engine and support for various vector map formats. There's a GTK+ and a SDL user interface and also a GL accelerated 3d view.216 weekly downloads
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GPS navigation software for Windows Mobile & WinCE devices.151 weekly downloads
Java Midlet to use OpenStreetMap data on a J2ME ready Mobile. Displays a moving map using external or internal GPS, shows the street name on which you are. There is Navigation support for car drivers, bicyclists and pedestrians plus many more ...106 weekly downloads
A PHP and JavaScript Web mapping framework and demo application for MapServer (see http://mapserver.gis.umn.edu) based on MapScript/PHP.129 weekly downloads
Real-time tracking & messaging of stations via radio/internet APRS data streams, w/125 map formats supported. Linux/FreeBSD/Solaris/MacOSX/Windows in any of 7 languages. Can also be used for mobile mapping w/GPS. MAILING LISTS ARE AT: PROJECT->WEB SITE.84 weekly downloads
CatMDEdit - metadata editor
CatMDEdit is a metadata editor tool for describing resources, mainly geographic information. Developed by IAAA (University of Zaragoza) and GeoSpatiumLab S.L., sponsored by IGN Spain. Technical details: Java, XML, multiplatform, multilingual.45 weekly downloads
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simple GPS navigation for java phones (J2ME) and recording of tracks. Supports internal and external GPS. (JSR-179 / JSR-82 ). Good for Geocaching.5 weekly downloads
Prune GPS tool
GpsPrune is a java application to view and manage coordinate data, eg from GPS units. With it you can load a variety of text and Xml formats, view the data (in 2d and 3d), edit and convert the data, correlate photos and audio, create charts and more.5 weekly downloads
KartoMNT is a free software of height model digitalization. This software allows you to create your own Digital Height Models (DHM) with a simple map. Then you'll be able to visualize DHMs with the KartoMNT 3D viewer.14 weekly downloads
Quantum GIS
NOTE - All project resources are now hosted at http://qgis.org. Quantum GIS (QGIS) is a Geographic Information System (GIS). QGIS supports common vector and raster formats, including Shapefiles, PostGIS, GRASS, GeoTiff, TIFF, JPG, and many more.12 weekly downloads
Le Petit Poucet gps software
Preparation of GPS routes and analysis of GPS logs in the context of outdoor sports (biking, skiing, trecking, gliding, geocaching, mountaineering). Our hope is to have a multi platform, multi GPS file and map format software.11 weekly downloads
Java IP (InetAddress) Locator
Java and ColdFusion libraries to lookup country code and language from IP address. It uses a local copy of the WHOIS database to perform fast, accurate lookups of country codes. Useful for log analysis, internationalization, geolocation, etc..6 weekly downloads
Karto allows to calibrate a scanned map with some known geo-points (Lambert, UTM, ...). After that, you can add any points (GPS points) in the map to build your own map. You can also add a transparent GIF image in the map after calibration (cave, min9 weekly downloads
GeOxygene aims at providing an open framework which implements OGC/ISO specifications for the development and deployment of geographic (GIS) applications. It is a open source contribution of the COGIT lab. at the IGN (the French National Mapping Agency).5 weekly downloads
RouteConverter is another route conversion tool. It helps me and I hope it could help you.7 weekly downloads


text:
Mrs. Juanita (Nita) Bishop, 82, ofô Starkville,ô passed away at Starkville Manor Nursing Home on June 29, 2011.ô
Nita was a retired teacher with Oktibbeha County Public Schools, where she had worked for 34 years.ô ô She was also a graduate ofô Mississippiô Stateô Universityô with a Specialist Degree and a member ofô Firstô Baptistô Churchô in Maben.
She was preceded in death by her son, Kenny W. Bishop; parents, Loyd and Mary Rodgers; and a sister, Berniece Conlee.
Mrs. Bishop is survived by her daughter, Glenda Palmer (Bill) ofô Maben ,ô MS ; grandchildren: Johnathan Bishop, Brad Palmer (Leslie), and John Palmer all ofô Jackson , MS ; a great granddaughter, Allison Bishop ofô Hernando ,ô MS ; and host of nieces and nephews.
Visitation for Mrs. Bishop is scheduled for Saturday, July 2, 2011 from 12-2 p.m. at Providenceô Methodistô Churchô in Maben.ô ô A funeral service will be held on Saturday, July 2, 2011 at 2 p.m. atô Providenceô Methodistô Churchô in Maben.ô ô Burial will follow in the church cemetery.
Memorial donations may be made toô Frenchô Campô Academy ,ô One Fine Place , French Camp, MS 39745.
You can go online and sign our guest register at http://www.welchfuneralhomesinc.com.


text:
Saturday's Day Three action at the Dixie Duel on the Lake Wheeler.
Relive the Day Two action from the Dixie Duel on Wheeler Lake.
Follow the action live at the Dixie Duel on the Lake Wheeler.
Legendary actors John Wayne and Montgomery Clift duke it out in the 1948 Western "Red River." Sixty years later, there ae more legends to be trading blows in the 2009 Bassmaster Classic to be held Feb. 20 on the Louisiana River.
With the2007 Elite Series season entering the stretch run, anglers can start looking more clearly at their place in the Angler of the Year standings.


text:
The Top 10 In Action Sports
01Brick By Brick: Camping Lego Style
02Booze and Bikes: 14 Tours That Let Combine Two of the Best Things in the World
03Who Needs Hollywood? These Incredible Videos Were All Filmed on the Simplest Cameras
04Sam Pilgrim vs. The World: The Champion Aiming To Reclaim His Crown In A New Era Of Biking
05Eccentric Adventures Episode 2: Britain's Most Brutal Illegal Event is All About Cheese
06A Journey Into Darkness: We Went Mountain Biking in the Abandoned Mines of Slovenia
07After the Apocalypse: Inside The World's Most Breathtaking Ghost Towns
08Debate: Let's Stop Hating On Parents Who Want To Raise Adventurous Kids
09Guns, Roses, And Eating Insects: Adventure Cycling in Vietnam
10From Intense Trails to Intensive Care: Dicing with Death In a Mountain Biking Paradise
"The Early Spring"
A Mountain Biking video by axxisproductions - 3,636 views
A new short mountain bike movie by Axxis Productions.
The whole movie was shot on a Canon 7D and a Canon 60D.
For the moving shots, a Glidecam HD 4000 was used without any form of vest or supports.
The movie were shot on the 24. April 2011 in Frognerseteren, Oslo, Norway.
Edited and colour corrected in 5 hours
Rider: Herman Bøgeberg
Camera 1/Glidecam: Axel Rødningen
Camera 2: Oscar Kalsnes
Edited by: Axel Rødningen
Axxis Productions (2011)
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POPULAR NOW See More
There was an error loading Chartbeat data.
Mike Drucker
I'm glad George Clooney getting arrested is finally calling attention to George Clooney getting arrested.
Mar 16, 2012 @ 1:28pm
Maybe Jason Russell is dying of cancer and he just has a really weird bucket list.
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text:
The NCAA decided that UK has to deal with Dez Wells Friday night. That should make things more interesting.
Printable View
The NCAA decided that UK has to deal with Dez Wells Friday night. That should make things more interesting.
I'm glad the NCAA got it right for once... Sad it even had to be appealed.
Sad that Xavier screwed him over in the first place.
Further repercussions of the brawl...
Was just watching Spurs/Clips. Bledsoe is playing out of his mind right now.
Sent from my Transformer TF101 using Tapatalk HD
Could Bledsoe end up being better than Wall????
Surely not, but he has definitely had the better NBA career so far...
Sent from my Transformer TF101 using Tapatalk HD
Bledsoe's probably in the Top 3 pure athletes in the league
Well, things start "FOR REAL" tonight...
I saw a line favoring UK by 10.5 over the Terps...
That seems a bit high to me with so many freshmen playing their first real college game ever, but these guys in Vegas usually know their stuff.
Excited to see this new team continue to grow.
Cal and the team ended up raising about a million dollars for the Hurricane Sandy victims.
Really awesome that Cal uses his platform at UK to do things like this.
This is the worst rebounding game for a UK team I can remember. Ever.
So is Polson gonna be the new Jorts? That was a sloppy but entertaining game to watch...and that big dude for the Terps is legit.


text:
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Nicholas Royle
The author chooses the best books in which author and reader meet each other for the first time
A first novel holds a special place in an author's heart – sometimes it is the only book they will write, sometimes the best. Occasionally, the writer would prefer to forget it altogether. Nicholas Royle reports
Identity theft or labour of love? Nicholas Royle on an outrageous yarn


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You are using an outdated browser. Please upgrade your browser to improve your ReverbNation experience.
Sounds Like: Silverchair, RATATAT, Andrew Belle, Yeasayer, Steve Vai
Bio: So I have decided to post music and ideas that constantly flow from me. I have played in such bands as Aria Satellite and Zephyr. I am now focusing on expanding my musical range and I will continue to explore all different sounds, melodies and genres. There are no limitations. I want to create me...See Full Bio


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section one integrated marketing communications trafalgar square, london. a month of free events, july 2004. 'summer in the square,' coordinated by the greater london ...
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PRLog - Dec. 25, 2009 - Free Microsoft Points, that's what every Xbox LIVE gamer wants. Many people have asked me how I get Free Microsoft Points Codes and am able to give them away. I just tell them that I have been using one website the whole time, following 3 simple and easy steps. Of course they believe me, because I always give them Free 1600 Microsoft Points Codes, so they try it for themselves and now they don't need to ask! So I want to share this method with you, along with 4 codes I have earned:
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Former Texas Tech head coach Larry Hays joined an elite class on Monday as he was inducted into the National College Baseball Hall of Fame during the fifth-annual Night of Champions ceremony held at the Overton Hotel and Conference Center.
Kal Segrist, Texas Tech's second-longest tenured baseball coach in program history and a Hall of Honor member, passed away Friday night at the age of 84.
After setting a TD Ameritrade College Home Run Derby record a year ago, Texas Tech junior first baseman Eric Gutierrez will return to Omaha on July 2 as one of four announced participants for the event that begins at 7:30 p.m. CT on ESPN.
The Big 12 Conference released its annual Academic All-Big 12 Team on Thursday with 32 Red Raiders making the list.
Former Texas Tech ace Chad Bettis made his return to the Lone Star State on Monday night with the Colorado Rockies.


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SOSU announces 2011 football signees
Posted: 02/08/2011 - The Southeastern football team has added 35 soon-to-be freshmen to the roster for the 2011 season as announced on Tuesday
Posted: 02/08/2011 - The Southeastern football team has added 35 soon-to-be freshmen to the roster for the 2011 season as announced on Tuesday
Posted: 02/08/2011 - After everything went so wrong for the Texas last season, Jordan Hamilton apologized to his teammates. While there was plenty of blame to go around after the Longhorns went from No. 1 at midseason to one-and-done in the NCAA tournament, the freshman felt he'd been selfish with the ball.
Posted: 02/05/2011 - Jordan Hamilton and Gary Johnson each scored 16 points and No. 3 Texas remained unbeaten in the Big 12 with a 76-60 win over Texas Tech on Saturday night.
Posted: 02/05/2011 - Anthony Jones' layup with 3.1 seconds left in overtime lifted the Baylor Bears to a 76-74 win over No. 16 Texas A&M on Saturday.
Posted: 02/05/2011 - Jean-Paul Olukemi scored 19 points, Darrell Williams added a career-high 18 points and 12 rebounds and Oklahoma State raced back from an early 15-point deficit to snap Oklahoma's four-game winning streak and claim an 81-75 victory in the Bedlam rivalry game Saturday.
Updated: 02/03/2011 - East Central University head football coach Tim McCarty has announced the signing of 30 players for its 2011 recruiting class.
Posted: 02/02/2011 - Carl Blair hit four free throws in the final 23.6 seconds as Oklahoma held off a late run from Baylor for a 73-66 victory on Wednesday. Blair finished with 19 points and Cameron Clark led the Sooners (12-9, 4-3 Big 12) 25 points.
Posted: 02/02/2011 - Here is the signing class for the Oklahoma Sooners.
Posted: 02/01/2011 - Marcus Morris scored 18 points to lead No. 2 Kansas over Texas Tech 88-66 on Tuesday night, giving the Jayhawks their first win in Lubbock since 2003.
Posted: 01/31/2011 - Jordan Hamilton scored 20 points and No. 3 Texas rolled to an easy 69-49 win over No. 16 Texas A&M on Monday night, the Longhorns' first victory in College Station since 2004.
Posted: 01/29/2011 - Steven Pledger scored 12 of his career-high 38 points in overtime and Oklahoma broke a 19-game losing streak away from home with an 82-76 victory over Iowa State on Saturday night.
Posted: 01/29/2011 - Jordan Hamilton had 16 points and a career-high 13 rebounds, and No. 7 Texas beat No. 11 Missouri 71-58 Saturday night to remain undefeated in the Big 12.
Posted: 01/29/2011 - John Roberson hit a 3-pointer with 53 seconds remaining in overtime to lift Texas Tech over Oklahoma State 75-74 on Saturday.
Posted: 01/29/2011 - LaceDarius Dunn scored 26 points, including eight straight free throws in the final 2 minutes, as Baylor rallied to beat Colorado 70-66 Saturday.
Posted: 01/29/2011 - Jorge Brian Diaz scored 16 points and Nebraska held 13th-ranked Texas A&M to two field goals over the final 10 minutes in a 57-48 victory Saturday.
Posted: 01/26/2011 - Tristan Thompson scored all 14 of his points in the second half, Jordan Hamilton added 12 points and 11 rebounds and No. 7 Texas beat Oklahoma State 61-46 Wednesday night as the Cowboys marked the 10-year anniversary of a plane crash that killed 10 people with ties to the basketball program.
Posted: 01/25/2011 - Three Oklahoma assistant football coaches are set to receive pay raises.
Posted: 01/22/2011 - D'walyn Roberts tipped in a rebound with 3.8 seconds left to give Texas Tech a 72-71 win over Nebraska on Saturday night.
Posted: 01/22/2011 - Two University of Oklahoma football players have been arrested, one on a complaint of driving under the influence and another on a municipal violation in Norman.
Posted: 01/22/2011 - Will Clyburn had 22 points and nine rebounds, both game highs, to lead Utah to a 75-62 victory over TCU on Saturday.
Posted: 01/22/2011 - J'Covan Brown scored 23 points and keyed a second-half run that erased a 15-point deficit and led No. 10 Texas past No. 2 Kansas 74-63 on Saturday, snapping the Jayhawks' 69-game home winning streak.
Posted: 01/22/2011 - Freshman sensation Perry Jones scored 24 points, LaceDarius Dunn 16 and Baylor took control with a strange sequence at the end of first half in a 76-57 victory over Oklahoma State on Saturday.
Updated: 01/19/2011 - Jordan Hamilton scored 27 points and No. 10 Texas beat No. 11 Texas A&M 81-60 on Wednesday night, snapping the Aggies' 13-game winning streak.
Posted: 01/19/2011 - Jean-Paul Olukemi scored 29 points, leading four double-figure scorers for Oklahoma State in a 96-87 overtime victory over Iowa State on Wednesday night.
Posted: 01/18/2011 - Texas Tech coach Tommy Tuberville has been given a one-year contract extension that runs through 2015 and a raise that boosts his annual salary to $2 million.


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Milldale's Labor Day Conference
- Religion & Spirituality
- 11950 Milldale Rd, Zachary, LA, 70791
Men prayer conference
Friday, August 1, 2014 at 7:00 PM - Saturday, August 2, 2014 at 10:00 PM (PDT)
Dont miss this awesome prayer conference!
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The Jism All trad climbing4 routes in crag
Details needed
This crag does not have approach information!
Could you describe the approach to this crag?
If you can help provide a better quality resource for the climbing community then please click 'Edit this crag' button near the top of the page.
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Further down the track from 'Pox Rox' (or at the top of the hill beyond 'The Fortress') is an impressive spire on the left (over a fence), with one significant climb.©
Some content has been provided under license from: © Canberra Climbers' Association (CC BY-SA) © ANU Moutaineering Club (Creative Commons Attribution-Share Alike)
The obvious shallow crack facing the road. It was originally aided and called 'The Jism', but was freed and renamed.
FA: Phil Cullen
FFA: John Smart, 1978
The line on the opposite side of the boulder. Up to the leftward diagonal break, and up this to a hotizontal break. Move right and up to a peg belay. Downclimb the offwidth to get off.
FA: Pat Butler, 1982
Miniscule. The flake formed crack on the boulder five metres left of 'Rangehen'.
FA: Greg Pritchard, 1982
The crack-cum-off-width around and left from 'Future Shock'.
FA: Adam Blizzard, 1987


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College News
Fast-a-Thon Promotes Awareness of Muslim Tradition
The Muslim Student Association (MSA) and the Office of Multicultural Affairs and Diversity Programs hosted the first-ever Fast-a-Thon on Saturday, October 20, an event aimed at raising the campus community's awareness of the sacred Muslim tradition of fasting.
Over 55 students, faculty, and staff came together to celebrate the tradition and learn more about its history. Attendees enjoyed ethnic cuisine and culture including henna art, Arabic calligraphy, and a Qur'anic melody showcase by a renowned reciter. In addition, they learned more about the Muslim traditions of Ramadan and Hajj. A cultural art display also allowed students to see religious-inspired decorations, hand-woven prayer rugs, and prayer beads. Students had the opportunity to ask questions and hear answers by a visiting Islamic scholar. The event ended with authentic Pakistani cuisine and delicacies including a crowd favorite, baklava.
The Fast-a-Thon is an event that MSAs host each year on campuses across the country. The event allows the hosting organization to contribute to campus diversity by sharing ethnic cuisine and culture with students, faculty, and staff.
Check out photos from Fisher's 2015 Commencement Ceremonies on Flickr!
Latest College News Stories
- Westbay Begins Role as Interim Dean of the College School of Arts and Sciences
- Rooney's Tenure as St. John Fisher College President Begins
- Lavery Library Earns Several Awards
- Media and Communication Alumna Receives Rising Star Award from Local Public Relations Society
- Area High School Students Honored for College Club Participation
- Four Nursing Faculty Present at National Conference
- Fisher Ed.D. Candidate Praised for Improving School Attendance
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- Students, Faculty Attend Microbiology Conference


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Franchise Index: Previous Season / Next Season
7-7-0, Finished 1st in AAFC East Division · 1948 AAFC Season Summary
Scored 333 points (23.8/g), 4th of 8 in the AAFC. Allowed 327 points (23.4/g), 5th.
Differential of 6 points (0.4/g), 3rd. Expected W-L: 7.2-6.8.
Cecil Isbell (7-7-0)
Stadium: Memorial Stadium (Baltimore)
Promote your website or business by sponsoring this page for $10 on Pro-Football-Reference.com. Your message will replace this ad.


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1991 Mazda Protege Q&A
1991 Mazda Protege Question: car wont crank
It will start for a day or two. Then you will try to start it and all the lights come on but no click, no crank, nothing. Then the next day it will start right away. It has plenty of juice in the batte - mfdavidf
3 Answers
Answer 2
I HAD THIS SAME ISSUE AND EVERYONE SAID IT WAS MY STARTER BUT I GOT AN SECOND OPPION AND I EXPLAINED THAT IT WOULNDT CRANK AND ALL THE LIGHTS WOULD COME ON BUT THERE WAS NO CLICKING SOUND. PLUS IT DIDNT DO IT EVERYDAY AND THEY FOUND THAT MY IGNITION SWITCH WAS WORN OUT ONCE REPLACED I HAD NO MORE ISSUES. HOPE THIS HELPS YOU. - christinec23
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Golden Apple profile: Students cheer as assignments get tougher
NAPLES - Something strange is going on in Sheila Buckner's class.
The students are working on long division problems. As she introduces a new problem, Buckner tells her students she's "going to make it a hard one."
The students cheer, whisper excitedly and say, "Yes!"
Kids excited about math?
Eight-year-old Julia Kennealy said Buckner's students wouldn't have it any other way.
"(Buckner) always likes to challenge us," she said. "She never gives us anything easy. But we like that."
Buckner is one of six 2009 Golden Apple teachers, who received their awards last month from The Education Foundation of Collier County.
"It's the most amazing feeling. It is such an honor," she said. "I feel very proud of what I do and I am proud for this school."
The third-grade gifted and high-achieving teacher's Apple is the first for Calusa Park Elementary School, which is in East Naples.
This isn't the first time Buckner has been nominated for the Golden Apple Award.
Last year, she was one of 40 teachers named a Teacher of Distinction in the district and was a member of The Education Foundation's Academy of Teachers. When another nomination came in this year, Buckner said it was easy to apply again.
"It's a wonderful experience," she said of applying again. "The program is wonderful. I have met more teachers and gotten more ideas from them. It gives us all a chance to share. And we all continue to e-mail each other with ideas."
Mariah Olcheski, 9, said she knew Buckner would be a Golden Apple teacher.
"She is a very nice teacher. She makes everything fun," she said.
Buckner said she tries to do things in her classroom that will get her students excited.
"It is different for every one of them," she said. "But you have to find what makes them tick because it makes them want to do more."
During a math lesson, students get to compete against one another to find the correct answer to long division problems. After the group lesson, Buckner breaks the students up into different centers. Students do math problems on the computer, solve problems using inflatable cubes covered in division problems and work with Buckner at a table to do more complex long division.
She also insists that her lessons go beyond the textbooks. To do that, Buckner said she likes to do a lot of projects in her classroom. She also allows students to choose what they do in class.
"I give them a topic that they have to learn about, but they can pick what it is about that topic that interests them," she said.
Dylan Clark, 9, said he likes the projects.
"I thought the coat of arms was the best," he said. "We got to make our own."
She admits that the curriculum makes it easy. In social studies, third-graders in Collier County study ancient civilizations.
"They love learning about mummies," she said. "Egypt is the most fun for them. But we also learn about the Greeks and mythology. When we learn about Rome, we dress in togas and present Julius Caesar. They see how many things that we use today are connected to those ancient civilizations.
"To see them make that connection and get excited is one of the best parts of my job."
Buckner said she hopes her students continue to hold onto that excitement and their talents.
"I hope those students that want to write me silly songs and perform them continue to do that," she said. "I hope they realize what they are all good at. I hope they know how much they shine."
Buckner said she wanted to be a teacher since she was a child.
"I always loved school," she said. "Even as a kid, I was ready for summer to be over so I could go back to school. I loved college. But I love the kids, too. I enjoy watching them thrive."'
* * * * *
Editor's note: This is the fifth in a series of weekly reports about the 2009 Golden Apple Teachers. The series leads up to the awards ceremony May 5.
Subscribe to the Naples Daily News
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Main Ideas from this chapter This chapter describes the clear picture of different forms of dividend and dividend policies. The core ideas of this chapter are to make one clear about the different forms of dividend, dividend payment procedures, dividend payout policies, stock dividend, stock split, reverse stock split and repurchase of stock. MEANING OF DIVIDEND POLICY Dividends refers to that portion of a firm's net earnings which are paid to shareholders. Dividend are paid either in cash or stock. Since dividends are distributed out of the profits, the alternative to the payment of dividends is the retention of earnings. The retained earnings constitute an important source of financing the investment requirements of the firm. There is inverse relationship between retained earnings and cash dividends. More dividends result in smaller retentions where as lesser dividend results in larger retentions. Thus, dividends and retained earnings are competitive and conflicting. Dividend decisions refers to the decisions regarding the division of net earnings to the dividend and retained earnings. A firm can distribute all of its earnings to the shareholders as dividends or can retain all of its earnings for re investment as retained earnings or can distribute a part of earnings as dividend and retain the balance for re-investment purpose. Dividend decision is a major financial decision in the sense that a firm has to choose between distributing profits to the shareholders and ploughing back them into the business. The selection would be influenced by the effect on the objective of financial management of maximizing shareholder's wealth. Given the objective of financial management of maximizing shareholder's wealth, the firm should be guided by the consideration as which alternative use of net earnings is consistent with the goal of wealth maximization. If paying dividends to shareholders will maximize the wealth of shareholder, the firm would be advised to use earnings for paying dividends to shareholders. The firm would be advised to retain the earnings if retaining earning will end to the maximization of wealth. Thus, optimal dividend policy is one which leads to maximization of wealth of owners. However, there are conflicting opinions regarding the impact of dividends on the valuation of a firm. According to one school of thought, called irrelevance theory of dividend, dividends are irrelevant so that amount of dividends paid has no effect on the valuation of a firm. This thought is led by Modigiliani and Miller. According to MM Hypothesis, dividend policy has no effect on the value of the firm. On the other hand, certain theories consider the dividend decision as relevant to the value of the firm. The dividend decision has effect on the value of the firm. This view is led by J.E. Walter, M.J. Gordon and others. The arguments given are support of irrelevance theory of dividend seems not to be hold true. Therefore, it should be concluded that dividend policy is relevant. A firm should try to follow an optimum dividend policy which maximizes the shareholder's wealth in long run. An optimum dividend policy will vary from firm to firm as it is determined by a number of factors. DIVIDEND PAYOUT RATIO AND RETENTION RATIO Dividend policy decision refers to the decision to pay out earnings or to retain them for reinvestment in the firm Dividend refers to the portion of net income paid out to the shareholders. The percentage of earnings paid out in form of cash dividend is known as dividend payout ratio. Dividend payout ratio can be calculated as under. Dividend Paid Net Divide Payout ratio = income Or Dividend Per Share Earning Per Share Where, Dividend Paid Dividend Per Share = No. of common shares outs tan ding Corporate Finance – Risal et all Page 2 Net income Earnings Per Share = No. of common shares outs tan ding A firm may retain same portion of its earnings for reinvestment purpose. The percentage of earnings retained in the firm is called retention ratio. High dividend payout ratio means low retention ratio and vice versa. Retention ratio is calculated as under : Retention ratio = 1 - Dividend Paid out ratio Or Re tained earnings = Net income Example A company has net income of Rs 4,00,000 this year. It retained Rs 1,60,000 of those earning for investment purpose. It has 40,000 shares outstanding. Required : (i) Earning per share (ii) Dividend per share (iii) Total dividend (iv) Dividend payout ratio (v) Retention ratio Solution Given, Net income = Rs 4,00,000 Retained earnings = Rs 1,60,000 No. of shares = 40,000 Net income (i) Earning per share = No. of shares 4,00 ,000 =40 ,000 = Rs 10 (ii) Dividend Paid = Net income - Retained earnings = 4,00,000 - 1,60,000 = Rs 2,40,000 Dividend Paid (iii) Dividend per share = No. of shares 240000 = 40000 = Rs 6 Dividend Paid (iv) Dividend payout ratio = Net income 2,40 ,000 = 4,00 ,000 = 0.60 or 60% (v) Retention ratio = 1 - dividend payout ratio = 1 - 0.60 = 0.40 or 40% DIVIDEND PAYMENT PROCEDURES Cash dividend refers to the portion of net income paid out to shareholders in cash. The dividend payment procedures of a company can be described as under: 1. Declaration date The date at which board of directors meet and issue a statement declaring dividend is called declaration date. The board of directors set the amount of dividend to be paid, the holder - of - record date and the payment date on this date. Generally, dividend is announced as a percentage of the per value of stock. However, it can be the absolute amount like Rs 5 per share in some cases. 2. Holder - of - record date The date on which the company opens the ownership books to make a list of shareholders who are entitled to receive the dividend is called holder - of - record date. All the stockholders of the record date are Corporate Finance – Risal et all Page 4 entitled to receive the dividend declared by the board of directors. The new stockholders would receive dividend if the name of shareholders is recorded in the ownership book on or before the date of record. However, if the notification about the transfer was received after the date of record, the old owner of the stock would receive the dividends. 3. Ex - dividend date Ex-dividend date is two business days prior to the record date. Shares purchased after the ex-dividend date are not entitled to the dividend. The transaction must take place before the ex-dividend date to entitle the new holder to receive dividend. Thus, the date when the right to the dividend leaves the stock for new owner is called ex-dividend date. 4. Payment date The date on which the company actually pays dividends or mails the cheques to the stockholders is called payment date. On this date, the company actually pays the dividend to all the stockholders of the date of record. Example 2 On July 31, 2009, Khushi Company Limited declared a dividend of Rs 5 per share, payable on October 1 to the holders of record on September 1. Show the Khushi's dividend payment procedure. Solution 1. Declaration date : July 31, 2009 on which Khushi Company's board of directors declared a dividend of Rs 5 per share. 2. Holder - of - record date : September 1, 2009 on which company makes a list of shareholders who are entitled to receive dividend. 3. Ex-dividend date : August 30, 2009 after which dividends are entitled with the seller of the stock. 4. Payment date : October 1, 2009 on which Khushi Company mails the cheque of dividends to the shareholder. 2 days 31-7-2009 30-8-2009 1-19-2009 1-10-2009 Declaration date Ex-dividend date Holder-of-record date Payment date FACTORS AFFECTING DIVIDEND POLICY Dividend policy is concerned with determining the proportion of firm's net income to be distributed in the form of dividend and the proportion of earnings to be retained for investment purpose. A firm's dividend policy is influenced by a number of factors. Some of the major factors influencing the firm's dividend policy are as under : (1) Legal rules There are certain legal rules that may limit the amount of dividends a firm may pay. Following are the rules relating to dividend payment: (a) Net profit rule : According to this rule, dividends can be paid out of present or past earnings. Amount of dividends can not exceed the accumulated profits. If there is accumulated loss, it must be set off out of the current earnings before paying out any dividends. (b) Insolvency rule :- According to this rule, a firm can not pay the dividends when its liabilities exceed assets. When the firm's liabilities exceed its assets, the firm is considered to be financially insolvent. The firm, financially insolvent, is prohibited by law to pay dividends. (c) Capital impairment rule :- According to this rule, a firm can not pay dividend out of its paid up capital. The dividend payout that impairs capital is considered illegal. 2. Desire of shareholders Dividend policy is affected by the desire of shareholders Shareholders may be interested either in dividend income or capital gain. Wealthy shareholders may be interested in capital gain as against dividend income because of low tax rate on capital gain. Where as the Corporate Finance – Risal et all Page 6 shareholders, whose sources of income is dividend only, are interested in dividend income and would not be interested in capital gain. 3. Liquidity position In order to pay dividend, a company requires cash, and, therefore, the availability of cash resources within the company will be a factor in determining dividend payments. Generally, the greater the cash position and overall liquidity of a company, the greater is the ability to pay dividends. A company must have adequate cash available as well as retained earnings to pay dividends. The liquidity position of the company will influence the dividend payout of a particular year. 4. Rate of expansion of business The rate of asset expansion needs to be taken into account. The more rapid the rate at which the firm is growing, the greater will be its needs for financing assets expansion. The greater the future need for funds, the more likely the firm is to retain earnings rather than pay them out. 5. Cost of external financing The cost of external financing will have impact on the dividend payout of a company. In situations, where the external funds are costlier, a firm may resort to low dividend payout and use the internal funds for financing its business. 6. Need to repay debt The need to repay debt also influence the availability of cash flow to pay dividend. If a firm has to repay debt in a particular year, firm may decide to low dividend payout and use the funds to repay the debt. 7. Contractual constraints When the company obtained loan funds from debenture holders or term lending institutions, the terms of issue or contract of loan may contain restrictions on dividend payments. Debt contracts often stipulate that no dividends can be paid unless the current ratio, times interest earned ratio and other safety ratios exceed stated minimums. 8. Access to the capital market The company, which has a good access to capital market, can follow a liberal dividend policy because this type of the company can raise the required funds from the capital market. 9. Degree of control One of the important influencing factor on dividend policy is the objective of maintaining control over the company by the existing management or shareholders. The management who wish to maintain close control over the company will not much depend on the external sources of finance, and they maintain a low dividend payout policy and the funds generated from operations would be used for working capital and capital investment needs of the firm. 10. Tax position of shareholders The tax position of shareholders also influences dividend policy. The company owned by wealthy shareholders having high income tax bracket tend toward lower dividend payout where as the company owned by small investors tend toward higher dividend payout. 11. Stability of earnings The stability of earnings also effects the dividend policy decision. If the earnings of a firm are relatively stable, the firm is more likely to payout a higher percentage of earnings than the firm which has fluctuating earnings. 12. General state of economy When state of economy is uncertain, both political and economic, the firm may maintain a low dividend payout policy, to withstand to the business risks. Example 3 For each of the companies described below, would you expect it to have a low, or high dividend payout ratio? Explain why? (a) A company with a large proportion of inside ownership, all of whom are high income individuals. Corporate Finance – Risal et all Page 8 (b) A growth company with an abundance of good investment opportunities. (c) A company with volatile earnings and high business risk. (d) A company that has high liquidity and is experiencing ordinary growth. Solution (a) Low payout ratio : Highly taxed owners generally prefer capital gains rather dividend income. (b) Low payout ratio : Earning are retained in business to support investment opportunities and there will be less residual funds to pay dividends. (c) Low payout ratio : The company will retain earnings to build its financial strength and to offset high business risk. (d) High payout ratio : The firm having high liquidity and no more assets expansion tend to pay higher dividend. Example 4 How would each of the following changes tend to affect dividend payout ratio, other things held constant? (a) An increase in personal income tax rate. (b) A decline in investment opportunities. (c) An increase in corporate profit. (d) A rise in interest rate. Solution : (a) An increase in the personal income tax rate would lower the dividend payout ratio because shareholders with high income tax bracket prefer capital gain rather than dividend income. (b) A decline in investment opportunities would lead to high dividend payout ratio because less retention is required to support investment opportunities. (c) A permanent increase in corporate profit would lead to increase in dividend payout because the firm has more earnings to distribute dividend. (d) An increase in interest rate would lead to low dividend pay out because retained earnings may be a relatively attractive way of financing new investment. DIVIDEND PAYOUT SCHEMES A firm can pay dividends using either residual dividend policy or stable dividend policy. 1. Residual dividend policy Residual dividend policy is based on the assumption that investors prefer to have a firm retain and reinvest earnings rather than pay our them in dividends. Under residual dividend policy, a firm pays dividend only after meeting its investment need at desired debt - equity ratio. This policy is based on the following assumption: (a) The firm wishes to minimize the need of external equity. (b) The firm wishes to maintain its current capital structure. Under residual dividend policy, if the net income exceeds the portion of equity financing, then the excess of net income over equity need is paid as dividend. The company does not pay any dividend when net income is less than or equal to equity need for financing the investment proposals. In case, net income is not sufficient to meet equity need, the company should raise deficit amount by external equity. Following steps should be followed to determine amount of dividend under residual dividend policy : (a) Determine the optimal capital budget. (b) Find out target equity ratio in capital structure Target equity ratio = 1 - Debt ratio. (c) Determine the amount of equity required to finance the optimal capital budget. Corporate Finance – Risal et all Page 10 Equity financing required = Optimal Capital Budget Target equity ratio (d) Pay dividends if earnings are more than equity financing required. Dividends = Net income - (Capital budget Target equity ratio) Example 5 National Corporation has a target capital structure that consists of 60% debt and 40% equity. The company anticipates that its capital budget for the upcoming year will be Rs 3,00,000. If the company reports net income of Rs 2,00,000 and it follows a residual dividend policy, what will be its dividend payout ratio? Solution Target debt ratio = 60% Target equity ratio = 40% Capital Budget = Rs 300,000 Net income - Rs 2,00,000 Under residual dividend policy, Dividend = Net income - (Capital budget Target equity ratio) = 200000 - (300000 0.40) = 200000 - 120000 = Rs 80,000 Dividends Dividend payout ratio = Net income 80000 = 200000 = 0.4 or 40% 2. Stable dividend policy :- Stability or regularity of dividend is considered as a desirable policy by the management of most companies because stable dividends have a positive impact on the market price of the share. Following are the most commonly used constant dividend policies : (a) Constant dividend per share :- Under this policy, a fixed amount of dividend per share is paid on annual basis irrespective of earnings of the company. The earnings may fluctuate from year to year but dividend per share remains unchanged. However, it does not mean that dividend per share never be increased. Dividend per share can be increased when the firm can sustain the higher level. The relationship between earning per share and dividend per share under this policy can be shown by following figure : (b) Constant payout ratio :- Under this policy, a fixed percentage of the net earnings is paid as dividends every year. If earnings vary, the amount of dividend also varies from year to year. If earnings increase, dividends also increase and if earnings decrease, dividends also decrease. Dividends are paid when profits are earned. No dividend is paid when the firm suffers loss in any year. The relation between earning per share and dividend per share is shown as under : (c) Regular dividend plus extra dividend policy :- Under this policy, a minimum constant dividend per share is fixed and additional dividend is paid over the regular low dividends in the years of relatively high earnings. This policy is a compromise between constant dividend per share and constant payout ratio policy. The low regular dividend is maintained even when earnings decline and extra dividends can be paid when earnings are more. Example 6 City corporation has the following earning per share over the last 5 years. Year EPS (Rs) 1 12 2 12 3 20 4 20 Corporate Finance – Risal et all Page 12 5 24 Determine dividend per share under the following policies: (a) A constant dividend per share of Rs 8 (b) A constant dividend pay out ratio of 40% (c) Rs 5 regular dividend per share and extra dividend to bring the pay out ratio to 40%. Solution (a) Constant dividend per share Year 1 2 3 4 5 EPS 12 12 20 20 24 DPS 8 8 8 8 8 (b) Constant dividend payout ratio of 40% Year 1 2 3 4 5 EPS 12 12 20 20 24 D/P Ratio 0.40 0.40 0.40 0.4 0.4 DPS 4.80 4.80 8 8 9.60 (c) Regular dividend plus extra dividend Year 1 2 3 4 5 EPS 12 12 20 20 24 Minimum dividend 5 5 5 5 5 Extra - - 3 3 4.60 Total dividend 5 5 8 8 9.60 FORMS OF DIVIDEND CASH DIVIDEND When dividend is distributed to shareholders in cash out of the earnings of the company, it is called cash dividend. When cash dividend is distributed, both total assets and net worth of the company decrease. Total assets decrease as cash decreases and net wath decreases as retained earnings decrease. The market price per share also decreases in most cases by the amount of cash dividend distributed. Marker price per share after cash dividend = Marker price per share before cash dividend - dividend per share. Example 7 The Neha Corporation's balance sheet as of 31st Dec. 2009 before the dividend is as follows : Balance Sheet Liabilities Rs Assets Rs Common stock (20000 200000 Cash & bank 100000 shares of Rs 10) Retained earnings 100000 Other current assets 100000 Paid in Capital 50000 Fixed assets 300000 Debt 150000 500000 500000 Market price per share of common stock is Rs 17.5 (a) Construct a profroma balance sheet if company pays Rs 2.5 per share cash dividend. (b) Determine the marker price per share after cash dividend. Solution :- (a) Balance Sheet after cash dividend Corporate Finance – Risal et all Page 14 Liabilities Rs Assets Rs Common stock (20000 200000 Cash & bank 50000 shares of Rs 10) Retained earnings 50000 Other current assets 100000 Paid in Capital 50000 Fixed assets 300000 Debt 150000 450000 450000 W. Notes : Dividend Paid = 20000 2.5 = Rs 50000 Cash & bank balance = 100000 - 50000 = Rs 50000 Retained earnings = 100000 - 50000 = Rs 50000 (b) Marker price per share after cash dividend = Market price per share before cash dividend - dividend per share = 17.5 - 2.50 = Rs 15 STOCK DIVIDEND/BONUS SHARES Stock dividend refers to the dividends paid to the existing stockholders in the form of additional shares of common stock. It represents a distribution of additional shares to existing shareholder. Stock dividend increases the number of outstanding shares of the firm's stock. It involves simply an accounting entry transfer from retained earnings account to the common stock and paid in capital accounts. Due to stock dividend, retained earnings decrease, common stock and paid in capital increase. The stock dividend does not affect the equity position of stockholders. Market price per share and earning per share after stock dividend will decrease. No. of bonus shares = No. of shares outstanding % of stock dividend. Decrease in Retained earnings = No. of bonus shares Market price per share. Increase in common stock = No. of bonus shares par value per share. Increase in paid in capital = No. of bonus shares paid in capital per share. Marker price per share after stock dividend = Market price per share before stock dividend 1 stock dividend in fracton Advantages The important benefits derived from stock dividend or issue of bonus shares are as follows : 1. It preserves the company's liquidity as no cash leaves the company. 2. The shareholders receive a dividend which can be converted into cash whenever he wishes through selling the additional shares. 3. It broadens the capital base and improves image of the company. 4. It reduces the marker price of the shares, rendering the shares more marketable. 5. It is an indication to the prospective investors about the financial soundness of the company. 6. The shareholders can take the advantage of tax saving from stock dividend. Disadvantages 1. The future rate of dividend will decline. 2. The future market price of share falls sharply after bonus issue. 3. Issue of bonus shares involve lengthy legal procedures and approvals. Example 8 The Janaki Rice Mills has the following shareholder's equity account : Corporate Finance – Risal et all Page 16 Common stock (Rs 10 par value) 2,00,000 Additional Paid in Capital 2,00,000 Retained earnings 4,00,000 Shareholder' equity 8,00,000 Market price of the stock is Rs 40 per share (a) Reformulate the shareholders equity account if the company declares 20% stock dividend (b) What will be the share price after 20% stock dividend? Solution (a) Common stock (24000 shares of Rs 10) 2,40,000 Additional Paid in Capital 3,20,000 Retained earnings 2,40,000 Shareholder' equity 8,00,000 Working Notes : Addition bonus shares = 20,000 20% = 4,000 Increase in common stock = 4,000 10 = Rs 40,000 Increase in paid in capital = 4000 30 = Rs 1,20,000 Decrease in retained earnings = 4000 40 = Rs 1,60,000 (b) Stock price before stock dividend Market price per share after stock dividend = 1 Stock dividend in fraction 40 = 1 0.20 40 = 1.20 = Rs 33.33 STOCK SPLIT A stock split is a method to reduce the marker price per share by giving certain number of share for one old share. Due to stock split, number of outstanding shares increase and par value and marker price of the stock decrease. A stock split affects only the par value, market value and the number of outstanding shares. However, net worth of the company remains unaltered. With a stock split, shareholder's equity account does not change, but the par value per share changes. The earnings per share will be diluted and marker price per share fall propotionately with a stock split. But, the total value of the holdings of a shareholder remains unaffected by a stock split. Following ate the reasons for splitting a firm's ordinary shares : 1. Stock split results in reduction in market price of the share. It helps in increasing the marketability and liquidity of a company's shares. 2. Stock splits are used by the company management to communicate to investors that the company is expected to earn higher profits in future. 3. Stock split is used to give higher dividends to shareholders. Example 9 XZY Company has the following shareholder's equity account. Common stock (10000 shares of Rs 100 each) 10,00,000 Additional Paid in Capital 10,00,000 Retained earnings 20,00,000 Shareholder' equity 40,00,000 The current marker price per share is Rs 400 each. (a) Reformulate the shareholder's equity account if the company split their shares two - for - one (b) What will the marker price per share after stock split? Corporate Finance – Risal et all Page 18 Solution (a) Shareholder's equity after stock split Common stock (20000 shares of Rs 50) 10,00,000 Additional Paid in Capital 10,00,000 Retained earnings 20,00,000 Shareholder' equity 40,00,000 (b) Marker price per share after stock split = Rs 400 1/2 = Rs 200. REVERSE STOCK SPLIT Reverse stock split is method used to raise marker price of a firm's stock by exchanging certain number of outstanding shares for one new share of stock. Due to reverse stock split, number of outstanding shares decreases, par value of the shares increases and marker price per share also increases. However, total net worth of the company remains unchanged. Reverse stock split is used to stop the marker price per share below a certain level. The reverse split is generally an indication of financial difficulty and is, therefore, intended to increase the marker price per share. Example 10 XYZ company has the following shareholder's equity account Common stock (20000 shares of Rs 50) 10,00,000 Additional Paid in Capital 5,00,000 Retained earnings 5,00,000 Shareholder' equity 20,00,000 What will happens to this account and no. of shares outstanding with a 1- for-2 reverse stock split? Solution : Shareholder's equity Account Common stock (10000 shares of Rs 100) Rs. 10,00,000 Additional Paid in Capital Rs. 5,00,000 Retained earnings Rs. 5,00,000 Shareholder' equity Rs. 20,00,000 No. of Shares Rs. 10,000 REPURCHASE OF STOCK Stock repurchase is method in which a firm buys back shares of its own stock, there by decreasing shares outstanding, increasing earning per share, and, often increasing the stock price. It is an alternative to cash dividends. In a stock repurchase, the company pays cash to repurchase shares from its shareholders. These shares are usually kept in the company's treasury and then resold when the company needs money. If a firm has excess cash, it may purchase its own stock leaving fewer shares outstanding, increasing the earning per share and increasing the stock price. It may be an alternative to paying cash dividends. The benefits to the shareholders are the same under cash dividend and stock repurchase. In the absence of personal income taxes and transaction costs, both cash dividend and stock repurchase have no any difference to shareholders. Capital gain arising from repurchase should equal the dividend otherwise would have been paid. Repurchase price or equilibrium price is the price that brings capital gain equal to the cash dividend. Share price for repurchase or the equilibrium price is calculated from the following equation: SP c Repurchase Price (P*) = S n Where, S = Total number of shares outstanding Pc = Current marker price per share n = Number of shares to be repurchased. Corporate Finance – Risal et all Page 20 Share can be repurchased in different ways. A company can repurchase its shares through authorized brokers on the open market. Shares can be also repurchased by making a tender offer which will specify the purchases price, the total amount and the period within which shares will be bought back. Similarly, a company can purchase a block of shares from one large holder on a negotiated basis. Advantages of repurchase of stock 1. A firm an use idle cash to repurchase stock if it has less investment opportunities. 2. Dividend and earning per share will be increased through stock repurchase. 3. Stock repurchase will result in increase in the share value. 4. The buying shareholders will benefit since the company generally offer a price higher than the current market price of the share. 5. When shares are under valued in the market, a company can buy back shares at higher price to move up the current share price. 6. If a company has high proportion of equity in its capital structure, if can reduce equity capital by buying back its shares to achieve target capital structure. 7. The promoters of the company benefit by consolidating their ownership and control over companies through stock repurchase. They do not sell their shares to the company rather make the share repurchase attractive for others. 8. Repurchase of stock can remove a large block of stock that is overhanging the market and keeping the price per share down. 9. In a hostile takeover, a company may buy back its shares to reduce the availability of shares and make take over difficult. 10. Stockholder are given a choice of whether or not to sell their stock to the firm. Disadvantages of stock repurchase 1. Shareholders may not be indifferent between dividends and capital gains, and the price of stock might benefit more from cash dividends than from repurchase. 2. The remaining shareholder may lose if the company pays excessive price for the shares under the stock repurchase scheme. 3. Stock repurchase may signal to investors that the company does not have long - term growth opportunities to utilize the cash. 4. The buyback of shares may be useful as a defense against hostile takeover only in case of cash rich companies. Example 11 :- A company has Rs 16,00,000 in excess funds. The company wishes to distribute these funds to repurchase the stock. Presently, it has 4,00,000 shares outstanding and the market price per share is Rs. 36. It wishes to repurchase 10% of its stock or 40000 shares. a. Assuming no signaling effect, at what price should the company offer to repurchase? b. In total, how much will the company be distributing through share repurchase? c. If the company were to pay out the funds through cash dividend instead, what will be the market price per share after the distribution? Solution (a) Current marker price (Pc) = Rs 36 No. of shares outstanding (S) = 4,00,000 No. of shares repurchased (n) = 40,000 Required repurchase price (P*) = ? Now, S Pc P* = S n 400000 36 = 400000 40000 Corporate Finance – Risal et all Page 22 = Rs 40 Assuming no signaling effect, the company should offer to repurchase its stock at Rs. 40. (b) The company will be distributing Rs 16,00,000 (40,000 Rs 40) through share repurchase. Total dividend (c) Cash dividend per share = No. of Common Stock 16 ,00 ,000 = 4,00 ,000 = Rs 4 Marker price per share after cash dividend = Rs 36-4 = Rs 32. Illustrative Problems 1. MN Company expects to generate following net income during next years. Year Net income 1 4,00,000 2 6,00,000 3 8,00,000 The company currently has 100000 shares outstanding. (a) Determine earning per share in each year. (b) Determine total dividend and dividend per share if a dividend pay out ratio of 50% is maintained. (c) Determine dividend per share if company declares Rs 2 regular dividend per share and extra dividend in order to bring the payout ratio to 50% if it otherwise would fall below. Solution (a) Earning Per Share Year 1 2 3 Net income 4,00,000 6,00,000 8,00,000 No. of shares 1,00,000 1,00,000 1,00,000 *Earning Per 4 6 8 Share Net income * Earning Per Share = No. of Shares (b) Dividend per share & total dividend Year 1 2 3 Net income 4,00,000 6,00,000 8,00,000 D/P Ratio 50% 50% 50% * Total dividend 2,00,000 3,00,000 4,00,000 No. of Shares 1,00,000 1,00,000 1,00,000 Dividend Per Share 2 3 4 * Total dividend = Net income dividend payout ratio ** Dividend Per Share = Total dividend No. of Shares (c) Dividend Per Share Year 1 2 3 Net income 4,00,000 6,00,000 8,00,000 No. of shares 1,00,000 1,00,000 1,00,000 Earning Per Share 4 6 8 Regular Dividend 2 2 2 Corporate Finance – Risal et all Page 24 Extra Dividend - 1 2 Total dividend per share 2 3 4 2. Janakpur Rice Mill expects next year's net income to be Rs 12,00,000. Its debt to equity ratio is currently 60%. It has Rs 9,60,000 of profitable investment opportunities, and its wishes to maintain its existing debt ratio. According to residual dividend model, how large should the company's dividend payout ratio be next year? Solution, Debt to equity ratio = 60% Let, Amount of equity = 100 Amount of Debt = 60 Total assets = 100+60 = 160 Debt Debt ratio = Assets 60 = 160 = 0.375 Equity ratio = 1 - Debt ratio = 1 - 0.375 = 0.625 = 62.5% Dividend Paid = Net income - (Capital budget equity ratio) = 12,00,000 - (96,00,000 0.625) = 12,00,000 - 6,00,000 = Rs 6,00,000 Dividend Dividend payout ratio = Total Net income 6,00 ,000 = 12 ,00 ,000 = 0.50 or 50% 3. Nepal Industrial Bank has the following shareholder's equity account Common Stock (20,000 shares of Rs 10 per) 2,00,000 Paid in Capital 1,00,000 Retained earnings 2,00,000 Shareholder's equity 5,00,000 Current Marker price of the stock is Rs 30 per share. (a) What happen to these accounts if the company declared 10% stock dividend? (b) What would happen to these accounts if the company declared a 2 - for - 1 stock split? (c) What would happen if there was a reverse stock of 1 - for - 4? Solution (a) Shareholder's equity after stock dividend Common Stock (22000 shares of Rs 10 per) 2,20,000 Paid in Capital 1,60,000 Retained earnings 1,20,000 Shareholder's equity 5,00,000 Working Notes : Extra shares for stock dividend = 20,000 10% = 2,000 shares. Increase in common stock = 2,000 Rs 10 = Rs 20,000 Increase in paid up capital = 2,000 Rs 30 = Rs 60,000 Corporate Finance – Risal et all Page 26 Decrease in retained earnings = 2,000 Rs 40 = Rs 80,000 (b) Shareholder's equity after stock split Common Stock (40,000 shares of Rs 5) 2,00,000 Paid in Capital 1,00,000 Retained earnings 2,00,000 Shareholder's equity 5,00,000 Working Notes : No. of shares after split = 20,000 2/1 = 40,000 shares. Par value after split = 10 1/2 = Rs 5 (c) Shareholder's equity after Reverse stock split Common Stock (5,000 shares of Rs 40) 2,00,000 Paid in Capital 1,00,000 Retained earnings 2,00,000 Shareholder's equity 5,00,000 Working Notes : No. of shares after reverse stock split = 20,000 1/4 = 5,000 shares Par share after reverse stock split = 10 4/1 = Rs 40 4. After a 4 - for - 1 stock split, Spice Nepal Limited paid a dividend of R 3 per new share, which represents a 20% increase over last year's pre - split dividend. What was last year's dividend per share? Solution : After stock split dividend per shares (D1) = Rs 3 Before stock split dividend per share (D1) = Rs 3 4/1 = Rs 12 growth rate (g) = 20% Last year's dividend (Do) = ? We know, D1 = Do (1+g) or, 12 = Do (1 + 0.20) 12 or, Do = 1.20 = Rs 10. Hence, last year's dividend per share was Rs 10. 5. Khushi Compnay treats dividend as a residual decision. It expects to generate Rs 5 million in net earnings after tax in the coming year. The company has an all - equity capital structure and its cost of equity capital is 20%. The company treats this cost as the opportunities cost of retained earnings. Cost of external equity is 21%. (a) How much in dividends should be paid if the company has Rs 3 million in projects whose expected return exceeds 20% percent? (b) How much in dividends should be paid if it was Rs 5 million in projects whose expected return exceeds 20%? (c) How much in dividends should be paid if it has Rs 6 million in projects whose expected return exceeds 21%. Solution (a) Dividends to be paid = Net income - (Capital budget equity ratio) =5-31 = Rs 2 million. (b) Dividends to be paid Corporate Finance – Risal et all Page 28 = Net income - (Capital budget equity ratio) =5-51 = Nil (c) Dividend to be paid (external financing) = Net income - (Capital budget equity ratio) =5-61 = (Rs 1 million) Hence, the company will not pay any dividend rather it should raise Rs 1 million in additional new common stock externally to satisfy the financing need. 6. ABC corporation has Rs 6 million in excess funds. The corporation wishes to distribute these funds via the repurchase of stock. Presently, it has 24,00,000 shares outstanding, and the marker price per share is Rs 25. It wishes to repurchase 10% of its stock, or 2,40,000 shares. (a) Assuming no signaling effect, at what price should the company offer to repurchase? (b) In total, how much will the company be distributing through share repurchase? (c) If the company were to pay out the funds through cash dividends in stead, what would be the marker price per share after the distribution? Solution (a) Current Marker Price (Pc) = Rs 25 No. of shares outstanding (S) = 24,00,000 No. of shares repurchased (n) = 2,40,000 Repurchase Price (P*) = ? We know, S Pc P* = S n 24 ,00 ,000 25 24 ,00 ,000 2,40 ,000 = = Rs 27.78 (b) Total distribution through stock repurchase = 2,40,000 Rs 27.78 = Rs 66,67,200 Dividend Paid (c) Divident Per Share = No. of Shares 66 ,67 ,200 = 24 ,00 ,000 = Rs 2.78 Market price after cash dividend = 25 - 2.78 = Rs 22.22 7. Sharda Company repurchased 50,000 shares of its 5,00,000 shares outstanding at a price of Rs 55 per share. Immediately prior to the share repurchase announcement, share price was Rs 45. However, 2,00,000 shares were tendered by stockholders wanting to sell. The company had to repurchase the 50,000 shares on a pro - rata basis according to the number of shares tendered. (a) Why did so many shareholders tender their shares? At what price should the company have made its repurchase offer? (b) Who gained from the offer? Who lost? Solution (a) Current marker price (Pc) = Rs 45 No. of shares outstanding (S) = 5,00,000 No. of shares repurchased (n) = 5,00,00 shares Equilibrium price or repurchase price (P*) = ? S Pc P* = S n 5,00 ,000 45 = 5,00 ,000 50 ,000 = Rs 50 Corporate Finance – Risal et all Page 30 Since the offer price (Rs 55) is more than the equilibrium repurchase price, many shareholders tendered their shares to sell. The company should have made its offer at Rs 50 instead of Rs 55. (b) The holder of shares whose shares were repurchased gained from the tender offer and remaining shareholder suffered loss. SUMMARY Dividend Policy is concerned with the decisions regarding division of net income to the dividend and retained earnings. The firm should determine optimum dividend policy which leads the firm to stockholders wealth maximization. A company can adopt either residual dividend policy or stable dividend policy. Three alternative stable dividend policies are constant dividend per share, constant dividend pay out and regular plus extra dividend policy. A firm's dividend payment procedures start with determining the declaration date on which board of directors declare dividends to be paid, the holders of record date and payment date. A firm's dividend policy is influenced by a large no. of factors like legal requirements, desire of shareholders, liquidity position; need to repay debt, desire of control, rate of business expansion, access to capital market, tax position of shareholders, restrictions in debt contracts etc. Cash dividend is the dividend, which is distributed to shareholders in cash. Due to cash dividend, total assets as well as net worth decrease as cash and retained earnings decrease. The market price of share also decreases by the amount of cash dividend distributed. A stock dividend refers to the dividend distributed to existing shareholders in the form of additional shares rather than in cash. Due to stock dividend, no. of outstanding shares increases, Common stock and paid in capital increases and retained earnings decrease. However, net worth remains unchanged. Stock split increases the number of outstanding shares with a proportionate decrease in par value. Reverse stock split decreases the number of shares outstanding with a proportionate increase in par value. With a stock split and reverse stock split, shareholder's equity remains unchanged. In a stock repurchase, a firm buys back some of its outstanding shares, thereby decreasing number of shares, increasing earning per share and marker price. It is an alternative to paying cash dividend. Corporate Finance – Risal et all Page 32
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Perfect again, Crosby's feeling good
Mark Hoffman
Packers kicker Mason Crosby watches his 40-yard field goal during the fourth quarter Sunday. The kick tied the game at 27.
If it came down to it, Green Bay Packers kicker Mason Crosby was ready to kick the game-winning field goal. Based on the way he hit the ball inside the Metrodome Sunday, there was a fairly good chance he'd make it, too. »Read Full Article


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