Question: Calculating Cum-Dividend Earnings Growth Rates Nike (Easy) In early fiscal year 2009, analysts were forecasting $3.90 for Nike earnings per share for the fiscal year ending May 2009 and $4.45 for 2010, with a dividend per share of 92 cents expected for 2009. Compare the cum-dividend earnings growth rate forecasted for 2010 with the ex-dividend earnings growth rate, using a required rate of return of 10 percent.