June 2014 Q 4

The total shareholder return over a year is (the dividend + increase in market value) as a percent of the market value at the start of the year. So for 2013, the market value at the start of the year was 54.0. The market value at the end of the year was 55.2 (so an increase of 1.2) and the dividend was 5.1. So the total shareholder return for 2013 = (1.2 + 5.1) / 54.0 = 11.67% Same procedure for 2014 :-)