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Endnotes

1.SAS 78, AICPA's Auditing Standards Board (ASB).
2.Mergent's Dividend Achievers, Summer 2003 Edition.
3.Ibid.
4.A study, conducted by the author, of reported earnings for these 14 companies as of latest reported results through fiscal 2002, revealed a consistently low level of core earnings adjustments. As a percentage of reported earnings, core earnings ranged from 77% (for Charter One and Washington Mutual) to 86% (for Paychex and Republic Bancorp). While this is an isolated study of only a limited number of instances, the results support the theory that low core earnings adjustments are typical in corporations with low fundamental volatility—that is, manifested by way of consistent growth in dividends paid. (Note: Annual reports could not be loaded for Chittenden, TCF, or Medtronic; and Sysco's Web site did not provide annual report information. The remaining 10 corporations' Web sites were included in the study.)
5.Mergent's, Op. Cit.
6.Ibid.



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