Dividends in Total Shareholder Return

Dividends in Total Shareholder Return

Should in the formula "dividends" be read as "dividends per share at the beginning of the period" or with "dividends per share at the end of the period" to eliminate the ambiguity? Before possibly implementing this suggestion, would someone please clarify this matter for me now?

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		3 Jaap de Jonge Editor, Netherlands
	Dividends in TSR Neither of the two suggestions you make are right, Bazil. Where it says "Dividends" in the TSR formula, you can read "Dividends per share during the period".

		1 Balaji Keshav Mahashabde Financial Consultant, United Arab Emirates
	TSR is for a Particular Period TSR represents a ratio for a particular period (say increase in stock value during catender year 2009). Hence, for a shareholder, TSR would mean what he receives during a given period. So, dividends he has received during 2009 shall be included (so also the stock value on 31-12-2008 and 31-12-2009 be considered).