12 09 U.S.dividendChampions

U.S. Dividend Champions End-of-month update at: http://dripinvesting.org/Tools/Tools.
htm
(and American Depository Receipts) Dates in Green (centered) indicate increase (by Ex-Div. Date) expected in next 2 months
Dates in Red (right-aligned) indicate last increase more than a year ago (Ex-Div Date)
25+ Straight Years Higher Dividends Most Recent Dividend Increase Information
Company Ticker No. CCC DRIP Fees 8/31/12 Div. Quarterly Rate MR% Dividend Dates Qtly &=MultiIncThisYr
Name Symbol Industry Yrs Seq DR SP Price Yield Old New Inc. Ex-Div Record Pay Sch Note
1st Source Corp. SRCE Banking 25 105 - - 22.83 2.98 0.1600 0.1700 6.25 8/2/12 8/6/12 8/15/12 B15
3M Company MMM Conglomerate 54 9 N N 92.60 2.55 0.5500 0.5900 7.27 2/15/12 2/17/12 3/12/12 C12
Abbott Laboratories ABT Drugs 40 46 N N 65.54 3.11 0.4800 0.5100 6.25 4/11/12 4/13/12 5/15/12 B15 to split to 2 co's
ABM Industries Inc. ABM Business Services 45 23 - - 20.22 2.87 0.1400 0.1450 3.57 1/3/12 1/5/12 2/6/12 B06
AFLAC Inc. AFL Insurance 29 87 N N 46.18 2.86 0.3000 0.3300 10.00 11/14/11 11/16/11 12/1/11 C01
Air Products & Chem. APD Chemical-Specialty 30 84 Y Y 82.58 3.10 0.5800 0.6400 10.34 3/29/12 4/2/12 5/14/12 B14
Altria Group Inc. MO Tobacco 44 30 Y Y 33.96 5.18 0.4100 0.4400 7.32 9/12/12 9/14/12 10/10/12 A10
American States Water AWR Utility-Water 58 2 N N 43.58 3.26 0.2800 0.3550 26.79 8/9/12 8/13/12 9/1/12 C01
Archer Daniels Midland ADM Agriculture 36 63 N Y 26.75 2.62 0.1600 0.1750 9.38 11/15/11 11/17/11 12/8/11 C10
AT&T Inc. T Telecommunications 28 91 Y Y 36.64 4.80 0.4300 0.4400 2.33 1/6/12 1/10/12 2/1/12 B01
Automatic Data Proc. ADP Business Services 37 60 - - 58.08 2.72 0.3600 0.3950 9.72 12/7/11 12/9/11 1/1/12 A01
Becton Dickinson & Co. BDX Medical Instruments 40 44 N N 75.98 2.37 0.4100 0.4500 9.76 12/8/11 12/12/11 12/30/11 C30 FY Streak
Bemis Company BMS Packaging 29 89 N N 30.26 3.30 0.2400 0.2500 4.17 2/13/12 2/15/12 3/1/12 C01
Black Hills Corp. BKH Utility-Electric 42 35 N N 34.20 4.33 0.3650 0.3700 1.37 2/14/12 2/16/12 3/1/12 C01
Bowl America Class A BWL.A Recreation 40 43 - - 12.50 5.12 0.1550 0.1600 3.23 1/4/11 1/6/11 2/8/11 B08 FY Streak
Brady Corp. BRC Business Services 26 94 N N 28.08 2.64 0.1800 0.1850 2.78 10/5/11 10/10/11 10/31/11 A31
Brown-Forman Class B BF-B Beverages-Alcoholic 28 90 Y Y 64.10 1.46 0.2133 0.2333 9.37 12/2/11 12/6/11 12/27/11 C27 Also Class A
C.R. Bard Inc. BCR Medical Instruments 41 41 N Y 98.11 0.82 0.1900 0.2000 5.26 7/19/12 7/23/12 8/3/12 B03
California Water Service CWT Utility-Water 45 24 N N 18.29 3.44 0.1538 0.1575 2.44 2/2/12 2/6/12 2/17/12 B17
Carlisle Companies CSL Rubber & Plastics 36 68 N N 52.34 1.53 0.1800 0.2000 11.11 8/15/12 8/17/12 9/1/12 C01
Chevron Corp. CVX Oil & Gas 25 103 Y Y 112.16 3.21 0.8100 0.9000 11.11 5/16/12 5/18/12 6/11/12 C11
Chubb Corp. CB Insurance 47 20 Y Y 73.89 2.22 0.3900 0.4100 5.13 3/14/12 3/16/12 4/3/12 A03
Cincinnati Financial CINF Insurance 52 11 N N 38.66 4.22 0.4025 0.4075 1.24 9/17/12 9/19/12 10/15/12 A15
Cintas Corp. CTAS Business Services 29 88 - - 40.42 1.34 0.4900 0.5400 10.20 11/9/11 11/11/11 12/14/11 Dec Div=Annual
Clarcor Inc. CLC Auto Parts 47 19 N N 48.14 1.00 0.1050 0.1200 14.29 10/7/11 10/11/11 10/21/11 A21
Clorox Company CLX Cleaning Products 35 72 N Y 72.75 3.52 0.6000 0.6400 6.67 7/23/12 7/25/12 8/10/12 B10
Coca-Cola Company KO Beverages-Non-alcoholic 50 12 Y Y 37.40 2.73 0.2350 0.2550 8.51 3/13/12 3/15/12 4/1/12 A01
Colgate-Palmolive Co. CL Personal Products 49 16 Y Y 106.31 2.33 0.5800 0.6200 6.90 4/20/12 4/24/12 5/15/12 B15
Commerce Bancshares CBSH Banking 43 31 - - 40.23 2.29 0.2190 0.2300 5.00 11/28/11 11/30/11 12/19/11 C28 Adj/Stock Div
Community Trust Banc. CTBI Banking 32 77 N - 34.39 3.66 0.3100 0.3150 1.61 9/12/12 9/15/12 10/1/12 A01
Conn. Water Service CTWS Utility-Water 43 33 N N 30.85 3.14 0.2375 0.2425 2.11 8/30/12 9/3/12 9/17/12 C17
Consolidated Edison ED Utility-Electric 38 57 N Y 60.62 3.99 0.6000 0.6050 0.83 2/13/12 2/15/12 3/15/12 C15
Diebold Inc. DBD Business Equipment 59 1 N Y 32.58 3.50 0.2800 0.2850 1.79 2/16/12 2/20/12 3/5/12 C05
Donaldson Company DCI Industrial Equipment 26 97 N N 35.29 1.02 0.0800 0.0900 12.50 6/6/12 6/8/12 6/29/12 C29 &
Dover Corp. DOV Machinery 57 3 Y N 57.81 2.42 0.3150 0.3500 11.11 8/29/12 8/31/12 9/15/12 C15
Eagle Financial Services EFSI Banking 25 99 - - 20.05 3.59 0.1700 0.1800 5.88 10/28/10 11/1/10 11/15/10 B15 BulletinBoard(.OB)
Eaton Vance Corp. EV Financial Services 31 78 - - 27.09 2.81 0.1800 0.1900 5.56 10/27/11 10/31/11 11/15/11 B15
Emerson Electric EMR Industrial Equipment 55 8 N N 50.72 3.15 0.3450 0.4000 15.94 11/8/11 11/11/11 12/9/11 C09
Energen Corp. EGN Utility-Gas 30 82 N N 51.05 1.10 0.1350 0.1400 3.70 2/13/12 2/15/12 3/1/12 C01
ExxonMobil Corp. XOM Oil & Gas 30 86 N N 87.30 2.61 0.4700 0.5700 21.28 5/10/12 5/14/12 6/11/12 C11
U.S. Dividend Champions End-of-month update at: http://dripinvesting.org/Tools/Tools.htm
Family Dollar Stores FDO Retail-Discount 36 66 - - 63.64 1.32 0.1800 0.2100 16.67 3/13/12 3/15/12 4/13/12 A13
Federal Realty Inv. Trust FRT REIT-Shopping Centers 45 28 N N 107.91 2.71 0.6900 0.7300 5.80 9/19/12 9/21/12 10/15/12 A15
Franklin Resources BEN Financial Services 31 79 N N 117.40 0.92 0.2500 0.2700 8.00 12/15/11 12/19/11 12/30/11 C30
Genuine Parts Co. GPC Auto Parts 56 5 N N 63.16 3.13 0.4500 0.4950 10.00 3/7/12 3/9/12 4/2/12 A02
Gorman-Rupp Company GRC Machinery 40 47 N N 27.54 1.45 0.0900 0.1000 11.11 5/11/12 5/15/12 6/8/12 C08
H.B. Fuller Company FUL Chemical-Specialty 43 32 Y Y 30.41 1.12 0.0750 0.0850 13.33 4/24/12 4/26/12 5/10/12 B10
HCP Inc. HCP REIT-Health Care 27 92 N N 45.86 4.36 0.4800 0.5000 4.17 2/2/12 2/6/12 2/22/12 B22
Helmerich & Payne Inc. HP Oil & Gas 39 50 - - 45.64 0.61 0.0600 0.0700 16.67 8/11/11 8/15/11 9/1/11 C01
Hormel Foods Corp. HRL Food Processing 46 22 N N 28.72 2.09 0.1275 0.1500 17.65 1/19/12 1/23/12 2/15/12 B15
Illinois Tool Works ITW Machinery 49 18 N N 59.29 2.56 0.3600 0.3800 5.56 9/26/12 9/28/12 10/10/12 A10
Johnson & Johnson JNJ Drugs/Consumer Prod. 50 13 N N 67.43 3.62 0.5700 0.6100 7.02 5/25/12 5/29/12 6/12/12 C12
Kimberly-Clark Corp. KMB Personal Products 40 45 Y N 83.60 3.54 0.7000 0.7400 5.71 3/7/12 3/9/12 4/3/12 A03
Lancaster Colony Corp. LANC Food/Consumer Prod. 49 15 N N 72.44 1.99 0.3300 0.3600 9.09 12/7/11 12/9/11 12/30/11 C30
Leggett & Platt Inc. LEG Furniture/Bldg. Prod. 41 42 - - 23.74 4.89 0.2800 0.2900 3.57 9/12/12 9/14/12 10/15/12 A15
Lowe's Companies LOW Retail-Home Improv. 50 14 N Y 28.48 2.25 0.1400 0.1600 14.29 7/23/12 7/25/12 8/8/12 B08
McCormick & Co. MKC Food Processing 26 95 N N 61.44 2.02 0.2800 0.3100 10.71 12/28/11 12/30/11 1/13/12 A13 Also MKCV
McDonald's Corp. MCD Restaurants 35 70 N Y 89.49 3.13 0.6100 0.7000 14.75 11/29/11 12/1/11 12/15/11 C15
McGraw-Hill Companies MHP Publishing 39 54 N N 51.20 1.99 0.2500 0.2550 2.00 2/23/12 2/27/12 3/12/12 C12 to split to 2 co's
Medtronic Inc. MDT Medical Devices 35 71 Y Y 40.66 2.56 0.2425 0.2600 7.22 7/3/12 7/6/12 7/27/12 A27
Mercury General Corp. MCY Insurance 25 101 - - 38.29 6.37 0.6000 0.6100 1.67 12/13/11 12/15/11 12/29/11 C29
MGE Energy Inc. MGEE Utility-Electric/Gas 36 69 N N 49.44 3.20 0.3826 0.3951 3.27 8/29/12 9/1/12 9/15/12 C15
Middlesex Water Co. MSEX Utility-Water 39 51 N N 18.75 3.95 0.1825 0.1850 1.37 11/11/11 11/15/11 12/1/11 C01
Mine Safety Appliances MSA Medical/Safety Equip. 41 39 - - 34.87 3.21 0.2600 0.2800 7.69 5/17/12 5/21/12 6/10/12 C10
NACCO Industries NC Machinery/Consumer 27 93 - - 106.40 2.06 0.5325 0.5475 2.82 5/30/12 6/1/12 6/15/12 C15 Class A and B
National Fuel Gas NFG Utility-Gas 42 36 N N 49.90 2.93 0.3550 0.3650 2.82 6/27/12 6/29/12 7/13/12 A13
Nordson Corp. NDSN Machinery 49 17 N N 58.81 1.02 0.1250 0.1500 20.00 8/24/12 8/28/12 9/11/12 C11
Northwest Natural Gas NWN Utility-Gas 56 4 N N 49.17 3.62 0.4350 0.4450 2.30 10/27/11 10/31/11 11/15/11 B15
Nucor Corp. NUE Steel & Iron 39 53 N N 37.65 3.88 0.3625 0.3650 0.69 12/28/11 12/30/11 2/10/12 B10
Old Republic Int'l ORI Insurance 31 80 N Y 8.63 8.23 0.1750 0.1775 1.43 3/8/12 3/12/12 3/20/12 C20
Parker-Hannifin Corp. PH Industrial Equipment 56 7 N N 79.98 2.05 0.3900 0.4100 5.13 5/8/12 5/10/12 6/1/12 C01 FY Streak,&
Pentair Inc. PNR Industrial Equipment 36 64 N N 42.50 2.07 0.2000 0.2200 10.00 1/25/12 1/27/12 2/10/12 B10 ToBe SwissADR
PepsiCo Inc. PEP Beverages/Snack Food 40 48 Y Y 72.43 2.97 0.5150 0.5375 4.37 5/30/12 6/1/12 6/29/12 C29
Piedmont Natural Gas PNY Utility-Gas 34 75 N N 31.23 3.84 0.2900 0.3000 3.45 3/21/12 3/23/12 4/13/12 A13
Pitney Bowes Inc. PBI Business Equipment 30 83 N N 13.36 11.23 0.3700 0.3750 1.35 2/15/12 2/17/12 3/12/12 C12
PPG Industries Inc. PPG Conglomerate 41 40 N Y 110.02 2.15 0.5700 0.5900 3.51 5/8/12 5/10/12 6/12/12 C12
Procter & Gamble Co. PG Consumer Products 56 6 N Y 67.19 3.35 0.5250 0.5620 7.05 4/25/12 4/27/12 5/15/12 B15
Questar Corp. STR Utility-Gas 33 76 N N 19.75 3.44 0.1625 0.1700 4.62 8/15/12 8/17/12 9/10/12 C10
Raven Industries RAVN Business Equipment 26 96 N N 30.37 2.77 0.1800 0.2100 16.67 4/6/12 4/10/12 4/25/12 A25
RLI Corp. RLI Insurance 37 61 N N 63.36 2.02 0.3000 0.3200 6.67 5/29/12 5/31/12 6/20/12 C20
RPM International Inc. RPM Chemical-Specialty 38 55 N N 27.41 3.14 0.2100 0.2150 2.38 10/13/11 10/17/11 10/31/11 A31
U.S. Dividend Champions End-of-month update at: http://dripinvesting.org/Tools/Tools.htm
Sherwin-Williams Co. SHW Paints 34 74 N N 143.08 1.09 0.3650 0.3900 6.85 2/23/12 2/27/12 3/9/12 C09
Sigma-Aldrich Corp. SIAL Chemical-Specialty 36 65 - - 71.03 1.13 0.1800 0.2000 11.11 2/28/12 3/1/12 3/15/12 C15
SJW Corp. SJW Utility-Water 45 25 N N 23.38 3.04 0.1725 0.1775 2.90 2/2/12 2/6/12 3/1/12 C01
Sonoco Products Co. SON Packaging 30 85 N N 30.59 3.92 0.2900 0.3000 3.45 5/16/12 5/18/12 6/8/12 C08
Stanley Black & Decker SWK Tools/Security Products 45 27 Y Y 65.78 2.98 0.4100 0.4900 19.51 9/5/12 9/7/12 9/18/12 C18
Stepan Company SCL Cleaning Products 44 29 - - 95.52 1.17 0.2600 0.2800 7.69 11/28/11 11/30/11 12/15/11 C15
Sysco Corp. SYY Food-Wholesale 42 34 N Y 30.30 3.56 0.2600 0.2700 3.85 1/4/12 1/6/12 1/27/12 A27
T. Rowe Price Group TROW Financial Services 25 102 - - 61.44 2.21 0.3100 0.3400 9.68 3/13/12 3/15/12 3/29/12 C29
Target Corp. TGT Retail-Discount 45 26 Y Y 64.09 2.25 0.3000 0.3600 20.00 8/16/12 8/18/12 9/10/12 C10
Telephone & Data Sys. TDS Telecommunications 38 58 N N 24.52 2.00 0.1175 0.1225 4.26 3/14/12 3/16/12 3/30/12 C30
Tennant Company TNC Machinery 39 49 N N 41.95 1.62 0.1400 0.1700 21.43 11/26/10 11/30/10 12/15/10 C15
Tompkins Financial Corp. TMP Banking 25 100 N N 38.84 3.71 0.3400 0.3600 5.88 8/3/11 8/5/11 8/15/11 B15
Tootsie Roll Industries TR Confectioner 47 21 - - 25.37 1.26 0.0777 0.0800 3.00 3/2/12 3/6/12 4/6/12 A06 Adj/Stock Div
UGI Corp. UGI Utility-Electric/Gas 25 104 N N 30.48 3.54 0.2600 0.2700 3.85 6/13/12 6/15/12 7/1/12 A01
United Bankshares Inc. UBSI Banking 38 56 N N 24.33 5.10 0.3000 0.3100 3.33 12/7/11 12/9/11 1/3/12 A04 RecDateStreak
Universal Corp. UVV Tobacco 41 37 N N 47.43 4.13 0.4800 0.4900 2.08 1/5/12 1/9/12 2/13/12 B13
Universal Health Realty TruUHT REIT-Health Care 26 98 N N 43.17 5.70 0.6100 0.6150 0.82 6/14/12 6/18/12 6/29/12 C29
Valspar Corp. VAL Paints 34 73 N Y 53.34 1.50 0.1800 0.2000 11.11 12/29/11 1/3/12 1/13/12 A13
Vectren Corp. VVC Utility-Electric/Gas 52 10 N N 28.21 4.96 0.3450 0.3500 1.45 11/13/11 11/15/11 12/1/11 C01
VF Corp. VFC Apparel 39 52 Y Y 152.68 1.89 0.6300 0.7200 14.29 12/7/11 12/9/11 12/19/11 C19
W.W. Grainger Inc. GWW Electronics-Wholesale 41 38 - - 205.96 1.55 0.6600 0.8000 21.21 5/10/12 5/14/12 6/1/12 C01
Walgreen Company WAG Retail-Drugstores 37 62 N Y 35.76 3.08 0.2250 0.2750 22.22 8/15/12 8/17/12 9/12/12 C12
Wal-Mart Stores Inc. WMT Retail-Discount 38 59 N Y 72.60 2.19 0.3650 0.3975 8.90 3/8/12 3/12/12 4/4/12 A04
Weyco Group Inc. WEYS Footwear 31 81 - - 22.94 2.96 0.1600 0.1700 6.25 5/30/12 6/1/12 7/2/12 A02
WGL Holdings Inc. WGL Utility-Gas 36 67 N N 39.04 4.10 0.3875 0.4000 3.23 4/6/12 4/10/12 5/1/12 B01
Averages for 105 Champions 38.8 53.24 2.95 7.42
U.S. Dividend Champions Fundamental Data Numbers in Blue directly from FinViz.com (Brown=Yahoo Finance) Technical Data
(and American Depository Receipts) Abbreviations: EPS=Earnings Per Share; P/E=Price/Earnings Per Share; TTM=Trailing Twelve Months; MRQ=
Most Recent Quarter; PEG=P/E divided by 5-yr future growth rate; TY=This Year; NY=Next Year MMA=Moving Market Average
25+ Straight Years Higher Dividends Disclaimer: Although all figures are thought to be correct, no guarantee is expressed, nor should any be implied. Current Price as % from:
Company Ticker Annual Payout +/-% vs. TTM FYE TTM PEG TTM MRQ TY% NY% Est 5-yr N MktCap 52-wk 52-wk 50-day
Name Symbol Dividend %Ratio Graham P/E Month EPS Ratio P/Sales P/Book Growth Growth Growth A ($Mil) Beta Low High MMA
1st Source Corp. SRCE 0.68 35.05 (27.0) 11.77 12 1.94 n/a 3.02 1.02 61.9 n/a n/a 0 554 0.58 21.3 13.5 1.8
3M Company MMM 2.36 38.56 61.9 15.13 12 6.12 1.35 2.16 3.90 5.8 8.3 11.2 19 64,016 0.87 38.6 1.2 3.1
Abbott Laboratories ABT 2.04 66.02 99.0 21.21 12 3.09 2.48 2.61 4.20 1.5 6.3 8.5 21 102,854 0.30 38.5 2.8 0.7
ABM Industries Inc. ABM 0.58 46.03 (2.2) 16.05 10 1.26 3.82 0.25 1.34 5.2 11.5 4.2 5 1,093 1.11 17.8 16.7 4.9
AFLAC Inc. AFL 1.32 24.18 (24.2) 8.46 12 5.46 0.80 0.90 1.53 (15.6) 5.5 10.6 20 21,625 1.84 52.1 6.2 5.9
Air Products & Chem. APD 2.56 46.29 33.4 14.93 9 5.53 1.65 1.82 2.68 17.8 14.0 9.1 19 17,483 1.17 16.9 10.3 1.9
Altria Group Inc. MO 1.76 81.48 236.1 15.72 12 2.16 2.46 2.83 16.17 (12.6) 7.7 6.4 12 69,035 0.39 39.8 6.4 (3.1)
American States Water AWR 1.42 56.80 22.3 17.43 12 2.50 2.28 1.88 1.93 34.4 2.9 7.7 6 822 0.37 38.6 4.0 5.2
Archer Daniels Midland ADM 0.70 38.25 (20.6) 14.62 6 1.83 1.46 0.20 0.97 (41.4) 15.9 10.0 13 17,616 0.44 15.6 20.3 (0.8)
AT&T Inc. T 1.76 234.67 111.5 48.85 12 0.75 5.30 1.66 2.06 (79.3) 7.1 9.2 32 211,376 0.56 42.1 4.3 1.2
Automatic Data Proc. ADP 1.58 56.03 105.6 20.60 6 2.82 2.15 2.64 4.62 12.1 8.9 9.6 25 28,140 0.70 29.6 1.2 2.7
Becton Dickinson & Co. BDX 1.80 34.22 51.6 14.44 9 5.26 1.76 1.96 3.58 8.3 8.9 8.2 19 15,162 0.61 10.5 5.9 1.2
Bemis Company BMS 1.00 63.69 30.2 19.27 12 1.57 2.97 0.60 1.98 (6.0) 11.3 6.5 11 3,125 0.68 14.9 8.2 (0.7)
Black Hills Corp. BKH 1.48 231.25 73.0 53.44 12 0.64 8.91 1.26 1.26 (37.7) 11.1 6.0 7 1,511 0.96 22.9 1.9 7.7
Bowl America Class A BWL.A 0.64 206.45 81.6 40.32 6 0.31 n/a 2.44 1.84 n/a n/a n/a 0 64 n/a 5.4 15.8 (0.9)
Brady Corp. BRC 0.74 n/a n/a n/a 7 -0.04 n/a 1.10 1.40 32.4 6.4 11.0 8 1,476 1.35 17.8 18.6 3.8
Brown-Forman Class B BF-B 0.93 39.38 181.7 27.05 4 2.37 2.46 5.03 6.60 10.1 11.1 11.0 10 13,669 n/a 49.4 1.9 2.2
C.R. Bard Inc. BCR 0.80 13.56 77.9 16.63 12 5.90 1.88 2.79 4.28 (30.8) 7.7 8.9 22 8,225 0.33 22.2 9.3 (3.5)
California Water Service CWT 0.63 71.59 25.3 20.78 12 0.88 4.16 1.44 1.70 (0.2) 8.0 5.0 8 767 0.32 12.6 3.9 (1.2)
Carlisle Companies CSL 0.80 21.33 10.8 13.96 12 3.75 1.07 0.93 1.98 37.5 7.1 13.0 6 3,276 1.12 77.9 7.0 1.5
Chevron Corp. CVX 3.60 26.81 (20.8) 8.35 12 13.43 5.12 0.89 1.69 41.8 (3.5) 1.6 22 220,074 0.80 33.7 1.3 4.1
Chubb Corp. CB 1.64 27.56 (16.6) 12.42 12 5.95 1.44 1.44 1.26 (14.8) 2.7 8.6 22 19,644 0.48 33.8 0.2 2.5
Cincinnati Financial CINF 1.63 98.19 12.4 23.29 12 1.66 4.66 1.61 1.22 (56.0) 7.4 5.0 6 6,283 0.74 62.5 3.1 1.6
Cintas Corp. CTAS 0.54 23.68 37.2 17.73 5 2.28 1.61 1.25 2.39 35.6 10.7 11.0 14 5,114 0.92 56.0 2.9 2.6
Clarcor Inc. CLC 0.48 19.51 55.5 19.57 11 2.46 1.89 2.13 2.78 29.0 10.5 10.4 6 2,413 0.85 23.1 10.8 0.5
Clorox Company CLX 2.56 62.29 n/a 17.70 6 4.11 2.18 1.73 n/a 98.5 7.9 8.1 17 9,463 0.37 18.6 1.1 1.1
Coca-Cola Company KO 1.02 53.97 114.3 19.79 12 1.89 2.64 3.54 5.22 (27.1) 9.6 7.5 19 168,372 0.52 20.6 8.0 (4.0)
Colgate-Palmolive Co. CL 2.48 49.11 352.3 21.05 12 5.05 2.40 2.96 21.87 14.6 9.3 8.8 23 50,409 0.44 27.2 3.2 1.9
Commerce Bancshares CBSH 0.92 31.51 (1.3) 13.78 12 2.92 1.84 5.12 1.59 17.4 (2.6) 7.5 11 3,525 0.53 23.9 1.9 2.8
Community Trust Banc. CTBI 1.26 43.45 (14.7) 11.86 12 2.90 1.19 3.44 1.38 16.7 0.7 10.0 4 536 0.67 59.2 2.8 0.7
Conn. Water Service CTWS 0.97 73.48 52.2 23.37 12 1.32 2.92 3.58 2.23 14.2 1.4 8.0 6 272 0.48 28.8 3.7 1.9
Consolidated Edison ED 2.42 67.04 6.9 16.79 12 3.61 5.21 1.43 1.53 2.9 2.4 3.2 19 17,754 0.23 15.5 7.3 (2.8)
Diebold Inc. DBD 1.14 37.50 7.4 10.72 12 3.04 0.89 0.69 2.42 815.0 8.2 12.0 9 2,059 1.07 30.6 22.9 (5.4)
Donaldson Company DCI 0.36 21.43 121.8 21.01 7 1.68 1.64 2.13 5.27 36.6 8.7 12.8 11 5,255 1.09 38.2 8.8 4.8
Dover Corp. DOV 1.40 31.25 9.0 12.90 12 4.48 1.38 1.26 2.07 22.7 13.5 9.4 10 10,568 1.36 35.5 12.6 6.7
Eagle Financial Services EFSI 0.72 43.11 (24.1) 12.01 12 1.67 n/a 2.53 1.08 n/a n/a n/a 0 67 n/a 29.4 9.9 (2.9)
Eaton Vance Corp. EV 0.76 44.97 101.0 16.03 10 1.69 1.80 2.62 5.67 25.3 10.4 8.9 14 3,130 1.63 39.0 7.3 2.1
Emerson Electric EMR 1.60 48.78 55.5 15.46 9 3.28 1.46 1.52 3.52 25.2 11.6 10.6 21 36,890 1.23 32.5 4.3 6.5
Energen Corp. EGN 0.56 13.93 (12.1) 12.70 12 4.02 1.58 2.37 1.37 (11.1) 25.7 8.1 10 3,682 1.18 38.7 11.8 5.3
ExxonMobil Corp. XOM 2.28 23.95 0.5 9.17 12 9.52 1.23 0.81 2.48 35.4 5.0 7.5 22 402,972 0.53 31.7 1.8 1.8
Family Dollar Stores FDO 0.84 23.66 112.5 17.93 8 3.55 1.23 0.82 5.67 19.0 15.9 14.6 24 7,437 0.21 30.7 14.8 (4.0)
Federal Realty Inv. Trust FRT 2.92 148.22 268.2 54.78 12 1.97 9.44 12.07 5.57 2.0 7.3 5.8 18 6,918 1.08 42.0 1.9 1.9
Franklin Resources BEN 1.08 12.69 32.2 13.80 9 8.51 1.51 3.50 2.85 36.3 7.7 9.1 19 24,959 1.49 37.8 7.9 4.0
Genuine Parts Co. GPC 1.98 51.56 56.5 16.45 12 3.84 1.74 0.76 3.35 19.5 7.6 9.5 12 9,796 0.73 34.2 4.2 0.9
Gorman-Rupp Company GRC 0.40 27.40 45.3 18.86 12 1.46 1.45 1.53 2.52 10.5 9.3 13.0 4 578 1.28 26.3 19.8 (4.2)
H.B. Fuller Company FUL 0.34 25.00 46.9 22.36 11 1.36 1.86 0.89 2.17 25.1 23.2 12.0 7 1,518 1.39 81.9 8.7 2.4
HCP Inc. HCP 2.00 137.93 70.6 31.63 12 1.45 5.05 10.77 2.07 38.1 5.9 6.3 18 19,698 1.18 47.2 2.9 2.3
Helmerich & Payne Inc. HP 0.28 5.60 (26.5) 9.13 9 5.00 0.89 1.60 1.33 50.0 (5.1) 10.3 25 4,824 1.19 29.0 33.2 0.5
Hormel Foods Corp. HRL 0.60 33.33 38.4 15.96 10 1.80 1.54 0.93 2.70 19.3 4.3 10.3 15 7,564 0.43 12.6 6.0 0.3
Illinois Tool Works ITW 1.52 38.19 35.2 14.90 12 3.98 1.33 1.54 2.76 41.3 10.2 11.2 16 27,796 1.17 54.7 1.9 8.3
Johnson & Johnson JNJ 2.44 77.71 71.2 21.47 12 3.14 3.21 2.87 3.07 (27.1) 7.9 6.7 23 185,907 0.54 15.0 2.5 (0.1)
Kimberly-Clark Corp. KMB 2.96 65.20 122.9 18.41 12 4.54 2.25 1.57 6.07 (10.3) 7.3 8.2 17 33,013 0.31 30.0 5.3 (0.6)
Lancaster Colony Corp. LANC 1.44 41.03 81.2 20.64 6 3.51 2.29 1.75 3.58 (8.4) 9.1 9.0 5 1,976 0.36 31.5 2.8 3.0
Leggett & Platt Inc. LEG 1.16 105.45 54.9 21.58 12 1.10 1.44 0.91 2.50 (9.9) 14.9 15.0 6 3,338 1.14 34.3 1.0 7.0
Lowe's Companies LOW 0.64 42.38 36.1 18.86 1 1.51 1.19 0.66 2.21 0.9 22.8 15.8 27 33,513 1.02 59.4 11.1 6.6
McCormick & Co. MKC 1.24 43.97 120.7 21.79 11 2.82 2.61 1.88 5.03 1.4 9.8 8.4 12 7,386 0.42 44.1 0.4 2.1
McDonald's Corp. MCD 2.80 52.63 119.3 16.82 12 5.32 1.75 3.29 6.43 15.0 10.0 9.6 26 90,244 0.42 10.3 10.5 1.2
McGraw-Hill Companies MHP 1.02 35.54 159.6 17.84 12 2.87 1.59 2.28 8.50 4.0 11.3 11.3 10 14,346 1.08 35.3 (0.3) 9.4
Medtronic Inc. MDT 1.04 31.61 16.2 12.36 4 3.29 1.98 2.57 2.46 14.1 5.2 6.2 29 41,678 0.84 34.5 2.7 4.0
Mercury General Corp. MCY 2.44 93.13 (14.3) 14.61 12 2.62 2.18 0.77 1.13 25.6 18.6 6.7 6 2,103 0.77 10.5 15.8 (2.5)
MGE Energy Inc. MGEE 1.58 60.09 30.2 18.80 12 2.63 4.70 2.15 2.03 5.6 7.3 4.0 1 1,143 0.28 30.1 3.2 2.5
Middlesex Water Co. MSEX 0.74 93.67 31.1 23.73 12 0.79 n/a 2.87 1.63 (11.9) 19.8 (5.0) 3 295 0.48 18.2 4.1 (0.1)
Mine Safety Appliances MSA 1.12 47.06 33.8 14.65 12 2.38 1.43 1.07 2.75 81.2 20.5 10.3 6 1,289 1.29 45.4 20.9 (5.4)
NACCO Industries NC 2.19 14.48 (32.7) 7.04 12 15.12 0.32 0.27 1.45 102.4 0.0 21.7 1 893 2.32 92.6 17.2 (1.5)
National Fuel Gas NFG 1.46 58.63 36.4 20.04 9 2.49 10.12 2.60 2.09 16.5 6.1 2.0 10 4,157 1.02 21.0 20.6 2.2
Nordson Corp. NDSN 0.60 18.58 122.7 18.21 10 3.23 1.68 2.90 6.13 32.4 13.0 10.8 8 3,782 1.49 62.3 5.6 11.4
Northwest Natural Gas NWN 1.78 76.07 29.3 21.01 12 2.34 4.94 1.67 1.79 (12.4) 8.1 4.3 7 1,319 0.25 23.3 1.8 1.9
Nucor Corp. NUE 1.46 80.66 20.9 20.80 12 1.81 2.60 0.59 1.58 485.1 78.9 8.0 17 11,952 1.07 29.8 16.2 (2.4)
Old Republic Int'l ORI 0.71 n/a n/a n/a 12 -0.37 n/a 0.47 0.60 n/a 352.0 8.0 4 2,239 0.82 30.4 20.0 3.8
Parker-Hannifin Corp. PH 1.64 22.04 8.0 10.75 6 7.44 1.26 0.92 2.44 17.0 9.6 8.5 16 12,081 1.45 37.5 11.7 2.4
Pentair Inc. PNR 0.88 191.30 194.4 92.39 12 0.46 8.40 1.19 2.11 (82.8) 9.2 11.0 16 4,216 1.07 43.0 11.9 3.4
PepsiCo Inc. PEP 2.15 56.58 115.5 19.06 12 3.80 2.99 1.69 5.48 3.0 8.4 6.4 19 112,721 0.48 26.8 1.7 1.6
Piedmont Natural Gas PNY 1.20 80.00 39.7 20.82 10 1.50 4.43 1.92 2.11 (19.7) 13.3 4.7 6 2,245 0.26 18.7 8.4 (2.2)
Pitney Bowes Inc. PBI 1.50 75.38 215.7 6.71 12 1.99 67.14 0.52 33.40 15.4 (4.0) 0.1 5 2,681 1.07 8.6 31.0 (1.6)
PPG Industries Inc. PPG 2.36 40.76 102.6 19.00 12 5.79 1.99 1.11 4.86 48.3 1.4 9.6 9 16,799 1.31 69.6 3.5 2.9
Procter & Gamble Co. PG 2.25 72.28 67.2 21.60 6 3.11 2.54 2.21 2.91 (19.1) 8.0 8.5 22 185,060 0.44 15.2 0.3 4.8
Questar Corp. STR 0.68 57.14 56.5 16.60 12 1.19 3.16 3.15 3.32 7.6 5.9 5.3 9 3,519 0.68 21.4 7.3 (2.9)
Raven Industries RAVN 0.84 57.93 123.8 20.94 1 1.45 2.09 2.69 5.38 23.7 11.9 10.0 1 1,102 1.19 35.0 19.5 (9.0)
RLI Corp. RLI 1.28 25.10 (6.9) 12.42 12 5.10 1.24 2.08 1.57 1.6 4.0 10.0 11 1,345 0.39 17.3 14.4 (3.0)
RPM International Inc. RPM 0.86 52.12 50.1 16.61 5 1.65 1.58 0.96 3.05 13.4 11.6 10.5 6 3,615 1.38 63.9 2.0 2.6
Sherwin-Williams Co. SHW 1.56 31.39 249.6 28.79 12 4.97 1.84 1.58 9.55 (1.7) 20.4 15.7 15 14,684 0.64 108.8 1.3 6.5
Sigma-Aldrich Corp. SIAL 0.80 21.39 75.3 18.99 12 3.74 2.69 3.34 3.64 19.0 9.3 7.1 12 8,578 0.90 24.7 5.0 (0.0)
SJW Corp. SJW 0.71 63.39 23.7 20.87 12 1.12 1.49 1.72 1.65 (14.7) 34.3 14.0 3 436 0.60 15.5 6.1 (1.0)
Sonoco Products Co. SON 1.20 60.91 21.0 15.53 12 1.97 2.34 0.66 2.12 8.6 8.1 6.6 12 3,079 0.91 21.7 10.5 2.1
Stanley Black & Decker SWK 1.96 53.85 14.4 18.07 12 3.64 1.40 1.02 1.63 202.0 15.5 12.9 9 11,060 1.42 42.3 19.2 1.4
Stepan Company SCL 1.12 16.64 18.6 14.19 12 6.73 0.95 0.53 2.23 8.7 6.4 15.0 2 991 1.18 49.7 2.2 3.3
Sysco Corp. SYY 1.08 56.84 64.1 15.95 6 1.90 2.36 0.42 3.80 2.6 8.6 6.8 10 17,749 0.72 25.4 1.6 3.2
T. Rowe Price Group TROW 1.36 46.10 98.6 20.83 12 2.95 1.64 5.54 4.26 15.8 14.0 12.7 20 15,595 1.62 39.8 6.4 0.2
Target Corp. TGT 1.44 32.95 31.2 14.67 1 4.37 1.16 0.59 2.64 7.0 12.1 12.6 28 41,972 0.88 37.9 1.4 5.3
Telephone & Data Sys. TDS 0.49 33.56 (29.8) 16.79 12 1.46 8.00 0.51 0.66 40.2 (3.6) 2.1 8 2,664 0.88 28.9 15.5 6.4
Tennant Company TNC 0.68 32.69 77.4 20.17 12 2.08 1.34 1.04 3.51 (6.1) 17.0 15.0 3 781 1.47 33.3 14.0 4.0
Tompkins Financial Corp. TMP 1.44 48.32 (11.6) 13.03 12 2.98 1.63 3.52 1.35 3.1 12.3 8.0 4 475 0.45 20.8 7.4 1.7
Tootsie Roll Industries TR 0.32 41.03 79.9 32.53 12 0.78 3.61 2.69 2.24 (16.1) 0.0 9.0 1 1,443 0.63 17.7 3.5 3.6
UGI Corp. UGI 1.08 63.91 8.6 18.04 9 1.69 90.18 0.53 1.47 (12.7) 37.4 0.2 3 3,424 0.37 30.2 3.3 0.5
United Bankshares Inc. UBSI 1.24 75.61 (9.2) 14.84 12 1.64 1.89 3.67 1.25 (2.1) 4.0 7.9 9 1,223 0.97 34.1 20.3 (0.5)
Universal Corp. UVV 1.96 59.94 (22.2) 14.50 3 3.27 n/a 0.46 0.94 (40.1) 0.0 0.0 1 1,108 0.92 40.1 3.1 2.2
Universal Health Realty TruUHT 2.46 39.94 (4.1) 7.01 12 6.16 2.92 12.71 2.95 338.6 0.0 2.4 2 547 0.60 41.6 2.0 1.6
Valspar Corp. VAL 0.80 n/a n/a n/a 10 -0.87 n/a 1.20 4.07 n/a 12.8 11.4 12 4,865 0.91 85.9 1.0 4.4
Vectren Corp. VVC 1.40 72.16 0.1 14.54 12 1.94 2.91 1.03 1.55 5.3 8.0 5.0 7 2,315 0.36 16.1 7.2 (3.2)
VF Corp. VFC 2.88 34.78 73.9 18.44 12 8.28 1.43 1.62 3.69 54.1 15.0 12.9 18 16,780 0.92 45.0 1.7 5.3
W.W. Grainger Inc. GWW 3.20 32.82 119.7 21.12 12 9.75 1.46 1.66 5.14 31.0 14.8 14.4 18 14,353 0.92 47.9 6.4 4.2
Walgreen Company WAG 1.10 37.93 5.7 12.33 8 2.90 1.03 0.42 2.04 38.7 17.3 12.0 20 30,699 0.99 26.3 2.2 7.8
Wal-Mart Stores Inc. WMT 1.59 33.47 55.7 15.28 1 4.75 1.74 0.53 3.57 8.5 8.9 8.8 31 245,645 0.31 49.1 3.0 1.0
Weyco Group Inc. WEYS 0.68 46.90 2.4 15.82 12 1.45 n/a 0.87 1.49 14.9 n/a n/a 0 249 0.62 13.3 14.0 (1.6)
WGL Holdings Inc. WGL 1.60 81.22 16.5 19.82 9 1.97 3.54 0.82 1.54 5.4 4.4 5.6 7 2,012 0.22 10.1 10.7 (2.8)
Averages for 105 55.26 58.9 19.12 3.24 4.13 2.05 3.46 27.8 13.5 8.7 12 27,525 0.83 34.1 7.9 1.7
U.S. Dividend Champions Dividends Paid by Year
(and American Depository Receipts) (excluding Special/Extra Dividends)
MMA=Moving Market Average *A/D=Acceleration/Deceleration (5-year average increase divided by 10-year average increase)
Current
25+ Straight Years Price
Higher as % from:
Dividends **DGR=Dividend Growth Rate # 2010 excludes amount normally paid in Jan. 2011 but accelerated into Dec. 2010; to be included In 2011
Company Ticker 200-day 5/10 DGR** Amounts in Red indicate no increase during year
Name Symbol MMA A/D* 1-yr 3-yr 5-yr 10-yr 2011 # 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
1st Source Corp. SRCE (1.6) 0.519 4.9 3.3 3.7 7.1 0.6400 0.6100 0.5900 0.5800 0.5600 0.5345 0.4455 0.3818 0.3364 0.3273 0.3234 0.3043
3M Company MMM 8.3 0.582 4.8 3.2 3.6 6.2 2.2000 2.1000 2.0400 2.0000 1.9200 1.8400 1.6800 1.4400 1.3200 1.2400 1.2000 1.1600
Abbott Laboratories ABT 10.8 1.194 9.3 12.9 10.3 8.7 1.8800 1.7200 1.5600 1.3050 1.2700 1.1500 1.0850 1.0250 0.9700 0.9150 0.8200 0.7400
ABM Industries Inc. ABM (4.3) 0.910 3.7 3.8 4.9 5.4 0.5600 0.5400 0.5200 0.5000 0.4800 0.4400 0.4200 0.4000 0.3800 0.3600 0.3300 0.3100
AFLAC Inc. AFL 6.2 0.857 7.9 8.6 17.5 20.4 1.2300 1.1400 1.1200 0.9600 0.8000 0.5500 0.4400 0.3800 0.3000 0.2300 0.1925 0.1650
Air Products & Chem. APD (1.5) 0.968 16.1 9.5 10.7 11.1 2.2300 1.9200 1.7900 1.7000 1.4800 1.3400 1.2500 1.0400 0.8800 0.8200 0.7800 0.7400
Altria Group Inc. MO 9.6 1.288 9.2 10.2 15.0 11.6 1.5500 1.4200 1.3000 1.1588 0.8570 0.7712 0.7108 0.6551 0.6132 0.5668 0.5157 0.4692
American States Water AWR 17.5 1.415 5.8 3.2 3.4 2.4 1.1000 1.0400 1.0100 1.0000 0.9550 0.9300 0.9000 0.8850 0.8800 0.8713 0.8667 0.8567
Archer Daniels Midland ADM (9.0) 0.797 9.2 8.0 10.4 13.0 0.6550 0.6000 0.5600 0.5200 0.4600 0.4000 0.3400 0.3000 0.2400 0.2200 0.1929 0.1837
AT&T Inc. T 15.2 0.989 2.4 2.4 5.3 5.3 1.7200 1.6800 1.6400 1.6000 1.4200 1.3300 1.2900 1.2500 1.1175 1.0625 1.0225 1.0050
Automatic Data Proc. ADP 7.4 1.064 5.9 7.5 14.2 13.4 1.4400 1.3600 1.3200 1.1600 0.9200 0.7400 0.6200 0.5600 0.4800 0.4600 0.4100 0.3500
Becton Dickinson & Co. BDX 1.0 0.875 10.8 12.9 13.8 15.7 1.6400 # 1.4800 1.3200 1.1400 0.9800 0.8600 0.7200 0.6000 0.4000 0.3900 0.3800 0.3700
Bemis Company BMS (0.3) 0.710 4.3 2.9 4.8 6.7 0.9600 0.9200 0.9000 0.8800 0.8400 0.7600 0.7200 0.6400 0.5600 0.5200 0.5000 0.4800
Black Hills Corp. BKH 6.6 0.758 1.4 1.4 2.0 2.7 1.4600 1.4400 1.4200 1.4000 1.3700 1.3200 1.2800 1.2400 1.2000 1.1600 1.1200 1.0800
Bowl America Class A BWL.A (3.8) 0.750 3.2 2.2 2.7 3.6 0.6400 0.6200 0.6150 0.6000 0.5800 0.5600 0.5500 0.5400 0.4850 0.4700 0.4490 0.4091
Brady Corp. BRC (5.8) 0.910 2.8 5.4 6.5 7.1 0.7250 0.7050 0.6850 0.6200 0.5700 0.5300 0.4600 0.4250 0.4050 0.3850 0.3650 0.3450
Brown-Forman Class B BF-B 13.0 0.830 9.2 6.4 7.9 9.5 0.8733 # 0.8000 0.7667 0.7253 0.6453 0.5973 0.5227 0.4533 0.4000 0.3733 0.3520 0.3307
C.R. Bard Inc. BCR 3.0 1.116 5.7 6.1 6.5 5.8 0.7400 0.7000 0.6800 0.6200 0.5800 0.5400 0.5000 0.4700 0.4500 0.4300 0.4200 0.4100
California Water Service CWT 1.9 1.373 3.4 1.7 1.4 1.0 0.6150 0.5950 0.5900 0.5850 0.5800 0.5750 0.5700 0.5650 0.5625 0.5600 0.5575 0.5500
Carlisle Companies CSL 6.3 1.141 6.1 5.3 6.1 5.4 0.7000 0.6600 0.6300 0.6000 0.5600 0.5200 0.4800 0.4700 0.4350 0.4250 0.4150 0.3800
Chevron Corp. CVX 8.1 1.016 8.8 6.9 9.0 8.8 3.0900 2.8400 2.6600 2.5300 2.2600 2.0100 1.7500 1.5300 1.4300 1.4000 1.3250 1.3000
Chubb Corp. CB 6.1 1.140 5.5 6.4 9.8 8.6 1.5400 1.4600 1.3800 1.2800 1.1200 0.9650 0.8400 0.7650 0.7150 0.6950 0.6750 0.6550
Cincinnati Financial CINF 13.2 0.516 1.1 1.7 4.1 8.0 1.6025 1.5850 1.5650 1.5250 1.4000 1.3100 1.1624 1.0000 0.8826 0.7973 0.7438 0.6712
Cintas Corp. CTAS 8.4 0.964 12.5 5.5 9.1 9.4 0.5400 # 0.4800 0.4700 0.4600 0.3900 0.3500 0.3200 0.2900 0.2700 0.2500 0.2200 0.1867
Clarcor Inc. CLC (2.0) 1.526 9.4 9.6 9.6 6.3 0.4350 0.3975 0.3675 0.3300 0.2975 0.2750 0.2588 0.2513 0.2463 0.2413 0.2363 0.2313
Clorox Company CLX 6.7 1.384 9.5 10.2 14.7 10.6 2.3000 2.1000 1.9200 1.7200 1.5200 1.1600 1.1200 1.0800 0.9800 0.8500 0.8400 0.8200
Coca-Cola Company KO 3.7 0.862 6.8 7.3 8.7 10.1 0.9400 0.8800 0.8200 0.7600 0.6800 0.6200 0.5600 0.5000 0.4400 0.4000 0.3600 0.3400
Colgate-Palmolive Co. CL 10.7 0.983 11.8 13.3 12.7 12.9 2.2700 2.0300 1.7200 1.5600 1.4000 1.2500 1.1100 0.9600 0.9000 0.7200 0.6750 0.6300
Commerce Bancshares CBSH 4.1 0.437 4.0 2.5 3.9 9.0 0.8870 0.8528 0.8292 0.8228 0.7836 0.7312 0.6824 0.6228 0.5028 0.3992 0.3740 0.3452
Community Trust Banc. CTBI 9.7 0.460 1.7 2.0 3.4 7.4 1.2300 1.2100 1.2000 1.1600 1.0800 1.0400 0.9600 0.8364 0.7107 0.6311 0.6010 0.5587
Conn. Water Service CTWS 8.5 1.225 1.6 2.2 1.9 1.6 0.9400 0.9250 0.9000 0.8800 0.8650 0.8550 0.8450 0.8350 0.8250 0.8150 0.8050 0.7950
Consolidated Edison ED 2.8 0.978 0.8 0.8 0.9 0.9 2.4000 2.3800 2.3600 2.3400 2.3200 2.3000 2.2800 2.2600 2.2400 2.2200 2.2000 2.1800
Diebold Inc. DBD (5.6) 0.943 3.7 3.8 5.4 5.8 1.1200 1.0800 1.0400 1.0000 0.9400 0.8600 0.8200 0.7400 0.6800 0.6600 0.6400 0.6200
Donaldson Company DCI 1.7 0.778 17.2 9.2 11.3 14.5 0.2900 0.2475 0.2300 0.2225 0.1900 0.1700 0.1400 0.1125 0.0925 0.0825 0.0750 0.0713
Dover Corp. DOV 0.1 1.252 10.3 9.4 10.7 8.5 1.1800 1.0700 1.0200 0.9000 0.7700 0.7100 0.6600 0.6100 0.5700 0.5400 0.5200 0.4800
Eagle Financial Services EFSI (2.5) 0.368 4.3 2.4 3.7 10.1 0.7200 0.6900 0.6800 0.6700 0.6400 0.6000 0.5000 0.4150 0.3750 0.3200 0.2750 0.2300
Eaton Vance Corp. EV 5.5 0.610 10.6 6.5 11.7 19.2 0.7300 0.6600 0.6250 0.6050 0.5100 0.4200 0.3400 0.2750 0.2000 0.1495 0.1265 0.1013
Emerson Electric EMR 4.7 1.406 6.3 5.3 9.1 6.4 1.4350 1.3500 1.3250 1.2300 1.0875 0.9300 0.8450 0.8075 0.7895 0.7785 0.7685 0.7285
Energen Corp. EGN 4.9 0.912 3.8 4.0 4.2 4.6 0.5400 0.5200 0.5000 0.4800 0.4600 0.4400 0.4000 0.3780 0.3650 0.3550 0.3450 0.3350
ExxonMobil Corp. XOM 4.8 1.040 6.3 6.1 7.6 7.4 1.8500 1.7400 1.6600 1.5500 1.3700 1.2800 1.1400 1.0600 0.9800 0.9200 0.9100 0.8800
Current
Higher as % from:
Family Dollar Stores FDO 3.0 1.006 20.0 13.7 11.9 11.8 0.7200 0.6000 0.5300 0.4900 0.4500 0.4100 0.3700 0.3300 0.2900 0.2550 0.2350 0.2150
Federal Realty Inv. Trust FRT 11.3 1.048 1.9 2.9 3.8 3.6 2.7000 2.6500 2.6100 2.4800 2.3350 2.2400 2.1200 1.9750 1.9450 1.9250 1.8900 1.8200
Franklin Resources BEN 6.2 1.096 13.6 7.7 15.8 14.4 1.0000 0.8800 0.8400 0.8000 0.6000 0.4800 0.4000 0.3400 0.3000 0.2800 0.2600 0.2400
Genuine Parts Co. GPC 2.4 1.326 10.4 5.5 6.3 4.8 1.8000 1.6300 1.5900 1.5350 1.4325 1.3250 1.2375 1.1950 1.1750 1.1550 1.1300 1.0850
Gorman-Rupp Company GRC (4.5) 1.615 5.4 3.4 8.7 5.4 0.3540 0.3360 0.3240 0.3200 0.2483 0.2335 0.2294 0.2261 0.2228 0.2130 0.2097 0.2032
H.B. Fuller Company FUL 6.0 1.061 6.3 4.0 3.5 3.3 0.2950 0.2775 0.2700 0.2625 0.2560 0.2488 0.2414 0.2288 0.2239 0.2188 0.2139 0.2088
HCP Inc. HCP 13.0 1.139 3.2 1.8 2.5 2.2 1.9200 1.8600 1.8400 1.8200 1.7800 1.7000 1.6800 1.6700 1.6600 1.6300 1.5500 1.4700
Helmerich & Payne Inc. HP (12.9) 1.501 18.2 11.0 8.5 5.7 0.2600 0.2200 0.2000 0.1900 0.1800 0.1730 0.1660 0.1630 0.1600 0.1550 0.1500 0.1450
Hormel Foods Corp. HRL (0.2) 1.194 21.4 11.3 12.7 10.7 0.5100 0.4200 0.3800 0.3700 0.3000 0.2800 0.2600 0.2250 0.2100 0.1950 0.1850 0.1750
Illinois Tool Works ITW 11.8 1.114 8.7 6.3 14.4 12.9 1.3800 1.2700 1.2400 1.1500 0.9100 0.7050 0.5850 0.5000 0.4650 0.4450 0.4100 0.3700
Johnson & Johnson JNJ 5.0 0.736 6.6 7.8 9.1 12.4 2.2500 2.1100 1.9300 1.7950 1.6200 1.4550 1.2750 1.0950 0.9250 0.7950 0.7000 0.6200
Kimberly-Clark Corp. KMB 10.0 0.809 8.5 7.2 7.8 9.7 2.8000 2.5800 2.3800 2.2700 2.0800 1.9200 1.7500 1.5400 1.3200 1.1800 1.1100 1.0700
Lancaster Colony Corp. LANC 7.3 0.743 9.8 6.3 5.2 6.9 1.3500 1.2300 1.1550 1.1250 1.0900 1.0500 1.0100 0.9400 0.8300 0.7600 0.6900 0.6500
Leggett & Platt Inc. LEG 9.1 1.128 3.8 2.9 9.9 8.8 1.0900 1.0500 1.0100 1.0000 0.7000 0.6800 0.6200 0.5700 0.5300 0.4900 0.4700 0.4000
Lowe's Companies LOW 4.3 0.866 25.0 14.9 25.6 29.6 0.5000 0.4000 0.3500 0.3300 0.2600 0.1600 0.1000 0.0700 0.0525 0.0400 0.0375 0.0350
McCormick & Co. MKC 13.7 0.852 7.7 8.4 9.2 10.8 1.1200 1.0400 0.9600 0.8800 0.8000 0.7200 0.6400 0.5600 0.4600 0.4200 0.4000 0.3800
McDonald's Corp. MCD (3.7) 0.745 11.9 15.9 20.4 27.4 2.5300 2.2600 2.0500 1.6250 1.5000 1.0000 0.6700 0.5500 0.4000 0.2350 0.2250 0.2150
McGraw-Hill Companies MHP 12.4 0.894 6.4 4.4 6.6 7.4 1.0000 0.9400 0.9000 0.8800 0.8200 0.7260 0.6600 0.6000 0.5400 0.5100 0.4900 0.4700
Medtronic Inc. MDT 7.6 1.123 8.7 14.4 17.8 15.8 0.9350 0.8600 0.7850 0.6250 0.4700 0.4125 0.3600 0.3125 0.2700 0.2400 0.2150 0.1800
Mercury General Corp. MCY (9.1) 0.543 1.7 1.3 4.7 8.6 2.4100 2.3700 2.3300 2.3200 2.0800 1.9200 1.7200 1.4800 1.3200 1.2000 1.0600 0.9600
MGE Energy Inc. MGEE 9.5 1.349 2.0 1.9 1.8 1.3 1.5154 1.4850 1.4602 1.4334 1.4066 1.3866 1.3740 1.3600 1.3480 1.3380 1.3280 1.3150
Middlesex Water Co. MSEX 2.8 0.868 1.4 1.4 1.4 1.6 0.7325 0.7225 0.7125 0.7025 0.6925 0.6825 0.6725 0.6625 0.6488 0.6338 0.6225 0.6125
Mine Safety Appliances MSA (6.3) 0.454 4.0 3.1 8.7 19.1 1.0300 0.9900 0.9600 0.9400 0.8400 0.6800 0.5200 0.3700 0.2567 0.2167 0.1800 0.1578
NACCO Industries NC 4.9 0.252 1.7 1.2 2.2 8.6 2.1200 2.0850 2.0675 2.0450 1.9800 1.9050 1.8475 1.6750 1.2600 0.9700 0.9300 0.8900
National Fuel Gas NFG 2.2 0.972 2.9 3.3 3.5 3.6 1.4000 1.3600 1.3200 1.2700 1.2200 1.1800 1.1400 1.1000 1.0600 1.0250 0.9850 0.9450
Nordson Corp. NDSN 17.4 1.286 17.9 8.0 6.5 5.1 0.4600 0.3900 0.3688 0.3650 0.3500 0.3350 0.3225 0.3125 0.3025 0.2850 0.2800 0.2600
Northwest Natural Gas NWN 6.3 1.361 4.2 4.8 4.7 3.5 1.7500 1.6800 1.6000 1.5200 1.4400 1.3900 1.3200 1.3000 1.2700 1.2600 1.2450 1.2400
Nucor Corp. NUE (4.6) 1.229 0.7 3.4 29.4 23.9 1.4500 1.4400 1.4100 1.3100 0.6300 0.4000 0.3000 0.2350 0.2000 0.1900 0.1700 0.1500
Old Republic Int'l ORI (5.3) 0.418 1.4 1.5 3.5 8.3 0.7000 0.6900 0.6800 0.6700 0.6300 0.5900 0.5120 0.4027 0.3573 0.3360 0.3147 0.2933
Parker-Hannifin Corp. PH (1.7) 1.470 33.6 15.8 17.0 11.5 1.4300 1.0700 1.0000 0.9200 0.7633 0.6533 0.5733 0.5067 0.5067 0.4800 0.4800 0.4533
Pentair Inc. PNR 7.9 0.858 5.3 5.6 7.4 8.6 0.8000 0.7600 0.7200 0.6800 0.6000 0.5600 0.5200 0.4300 0.4000 0.3750 0.3500 0.3250
PepsiCo Inc. PEP 8.9 0.915 7.0 7.5 12.2 13.3 1.9900 1.8600 1.7500 1.6000 1.3500 1.1200 0.9800 0.7800 0.6200 0.5900 0.5700 0.5500
Piedmont Natural Gas PNY (0.7) 0.921 3.6 3.7 3.9 4.2 1.1500 1.1100 1.0700 1.0300 0.9900 0.9500 0.9050 0.8525 0.8225 0.7925 0.7600 0.7200
Pitney Bowes Inc. PBI (15.0) 1.195 1.4 1.9 2.9 2.5 1.4800 1.4600 1.4400 1.4000 1.3200 1.2800 1.2400 1.2200 1.2000 1.1800 1.1600 1.1400
PPG Industries Inc. PPG 14.8 1.137 3.7 2.6 3.4 3.0 2.2600 2.1800 2.1300 2.0900 2.0400 1.9100 1.8600 1.7900 1.7300 1.6900 1.6800 1.6000
Procter & Gamble Co. PG 5.1 1.026 9.1 9.9 11.2 10.9 2.0568 1.8854 1.7200 1.5500 1.3600 1.2100 1.0900 0.9775 0.8650 0.7900 0.7300 0.6700
Questar Corp. STR 1.5 1.019 14.8 7.9 5.9 5.8 0.6200 0.5400 0.5050 0.4940 0.4860 0.4650 0.4450 0.4150 0.3900 0.3625 0.3525 0.3425
Raven Industries RAVN (4.2) 0.826 12.9 11.9 15.5 18.8 0.7000 0.6200 0.5400 0.5000 0.4200 0.3400 0.2650 0.2100 0.1600 0.1375 0.1250 0.1167
RLI Corp. RLI (7.4) 0.734 4.4 7.4 10.6 14.4 1.1900 1.1400 1.0600 0.9600 0.8400 0.7200 0.6000 0.4800 0.3800 0.3350 0.3100 0.2900
RPM International Inc. RPM 8.9 0.970 2.4 3.1 5.2 5.4 0.8450 0.8250 0.8050 0.7700 0.7150 0.6550 0.6100 0.5700 0.5300 0.5050 0.5000 0.4925
Current
Higher as % from:
Sherwin-Williams Co. SHW 27.6 0.813 1.4 1.4 7.9 9.7 1.4600 1.4400 1.4200 1.4000 1.2600 1.0000 0.8200 0.6800 0.6200 0.5950 0.5800 0.5400
Sigma-Aldrich Corp. SIAL 3.0 0.717 12.5 11.5 11.4 15.9 0.7200 0.6400 0.5800 0.5200 0.4600 0.4200 0.3800 0.3400 0.2500 0.1725 0.1650 0.1550
SJW Corp. SJW (0.3) 0.830 1.5 2.3 4.0 4.9 0.6900 0.6800 0.6600 0.6440 0.6040 0.5660 0.5360 0.5100 0.4853 0.4600 0.4290 0.4100
Sonoco Products Co. SON (2.1) 0.995 3.6 2.4 3.7 3.7 1.1500 1.1100 1.0800 1.0700 1.0200 0.9600 0.9200 0.8800 0.8400 0.8300 0.8000 0.7900
Stanley Black & Decker SWK (4.7) 1.189 22.4 9.2 6.8 5.7 1.6400 1.3400 1.3000 1.2600 1.2200 1.1800 1.1400 1.0800 1.0300 0.9900 0.9400 0.9000
Stepan Company SCL 10.1 1.371 8.2 7.6 5.7 4.1 1.0600 0.9800 0.9000 0.8500 0.8250 0.8050 0.7850 0.7725 0.7625 0.7375 0.7075 0.6525
Sysco Corp. SYY 5.4 0.633 4.0 5.7 8.9 14.0 1.0400 1.0000 0.9600 0.8800 0.7600 0.6800 0.6000 0.5200 0.4400 0.3600 0.2800 0.2400
T. Rowe Price Group TROW 3.1 1.130 14.8 8.9 17.2 15.2 1.2400 1.0800 1.0000 0.9600 0.6800 0.5600 0.4600 0.3800 0.3400 0.3200 0.3000 0.2600
Target Corp. TGT 14.9 1.152 31.0 22.4 20.1 17.5 1.1000 0.8400 0.6800 0.6000 0.5200 0.4400 0.3600 0.3000 0.2600 0.2400 0.2200 0.2100
Telephone & Data Sys. TDS 2.6 0.860 5.6 4.7 4.9 5.7 0.4700 0.4450 0.4300 0.4100 0.3900 0.3700 0.3500 0.3300 0.3100 0.2900 0.2700 0.2500
Tennant Company TNC 2.4 1.492 15.3 9.4 8.1 5.4 0.6800 0.5900 0.5300 0.5200 0.4800 0.4600 0.4400 0.4300 0.4200 0.4100 0.4000 0.3900
Tompkins Financial Corp. TMP 1.2 0.951 5.3 5.3 6.1 6.4 1.4000 1.3291 1.2364 1.2000 1.1272 1.0412 0.9691 0.9016 0.8401 0.7924 0.7516 0.7380
Tootsie Roll Industries TR 8.3 1.000 3.0 3.0 3.0 3.0 0.3107 0.3016 0.2928 0.2843 0.2760 0.2680 0.2602 0.2526 0.2453 0.2381 0.2312 0.2244
UGI Corp. UGI 7.2 1.184 13.3 10.5 8.1 6.9 1.0200 0.9000 0.7850 0.7550 0.7225 0.6900 0.6500 0.5975 0.5650 0.5417 0.5250 0.5083
United Bankshares Inc. UBSI (7.7) 0.702 0.0 1.1 2.1 3.0 1.2000 1.2000 1.1600 1.1600 1.1200 1.0800 1.0400 1.0100 1.0000 0.9300 0.8900 0.8400
Universal Corp. UVV 4.9 0.538 2.1 2.2 2.2 4.1 1.9200 1.8800 1.8400 1.8000 1.7600 1.7200 1.6800 1.5600 1.4400 1.3600 1.2800 1.2400
Universal Health Realty TruUHT 11.0 0.550 0.4 1.2 1.4 2.6 2.4250 2.4150 2.3800 2.3400 2.3000 2.2600 2.1750 2.0000 1.9600 1.9200 1.8800 1.8400
Valspar Corp. VAL 15.8 1.004 12.5 8.7 10.4 10.3 0.7200 0.6400 0.6000 0.5600 0.5200 0.4400 0.4000 0.3600 0.3000 0.2800 0.2700 0.2600
Vectren Corp. VVC (1.1) 0.799 1.5 1.9 2.4 3.0 1.3850 1.3650 1.3450 1.3100 1.2700 1.2300 1.1900 1.1500 1.1100 1.0700 1.0300 0.9825
VF Corp. VFC 8.6 0.562 7.4 3.9 6.1 10.9 2.6100 2.4300 2.3700 2.3300 2.2300 1.9400 1.1000 1.0500 1.0100 0.9700 0.9300 0.8900
W.W. Grainger Inc. GWW 4.8 1.296 21.2 17.6 17.8 13.7 2.5200 2.0800 1.7800 1.5500 1.3400 1.1100 0.9200 0.7850 0.7350 0.7150 0.6950 0.6700
Walgreen Company WAG 8.9 1.211 28.0 24.5 22.9 18.9 0.8000 0.6250 0.5000 0.4150 0.3450 0.2850 0.2350 0.1913 0.1613 0.1463 0.1413 0.1363
Wal-Mart Stores Inc. WMT 15.5 0.921 18.4 14.4 16.5 17.9 1.3975 1.1800 1.0550 0.9325 0.8275 0.6525 0.5800 0.4800 0.3450 0.2950 0.2700 0.2300
Weyco Group Inc. WEYS (1.8) 0.878 3.2 8.6 13.5 15.4 0.6400 0.6200 0.5800 0.5000 0.4000 0.3400 0.2500 0.2100 0.1800 0.1667 0.1533 0.1400
WGL Holdings Inc. WGL (3.1) 1.328 2.7 3.0 2.7 2.1 1.5400 1.5000 1.4575 1.4075 1.3650 1.3450 1.3225 1.2950 1.2775 1.2675 1.2550 1.2350
Averages for 105 4.2 0.992 7.2 6.0 7.6 7.6 1.2699 1.1851 1.1261 1.0653 0.9687 0.8825 0.8045 0.7365 0.6775 0.6375 0.6098 0.5810
U.S. Dividend Champions Percentage Increase by Year Dividend Growth Model
(and American Depository Receipts) (based on Earnings Estimates, if available)
Past Performance is No Guarantee of Future Result
25+ Straight Years Higher Dividends 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Mean
Company Ticker vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. (simpleStandardTweed Confid. Estimated Dividends to be Paid in Year:
Name Symbol 1999 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 average)
DeviationFactor Factor 2012 2013 2014 2015 2016
1st Source Corp. SRCE 0.2638 4.9 3.4 1.7 3.6 4.8 20.0 16.7 13.5 2.8 1.2 6.3 15.3 7.8 6.3 (5.1) 49.3 0.66 0.68 0.70 0.72 0.74
3M Company MMM 1.1200 4.8 2.9 2.0 4.2 4.3 9.5 16.7 9.1 6.5 3.3 3.4 3.6 5.9 4.0 (8.9) 68.0 2.38 2.62 2.88 3.17 3.49
Abbott Laboratories ABT 0.6600 9.3 10.3 19.5 2.8 10.4 6.0 5.9 5.7 6.0 11.6 10.8 12.1 9.2 4.2 (7.8) 69.5 2.00 2.17 2.36 2.56 2.77
ABM Industries Inc. ABM 0.2800 3.7 3.8 4.0 4.2 9.1 4.8 5.0 5.3 5.6 9.1 6.5 10.7 6.0 2.3 (8.2) 57.6 0.62 0.64 0.67 0.70 0.73
AFLAC Inc. AFL 0.1450 7.9 1.8 16.7 20.0 45.5 25.0 15.8 26.7 30.4 19.5 16.7 13.8 20.0 10.7 11.9 79.6 1.30 1.43 1.57 1.73 1.90
Air Products & Chem. APD 0.7000 16.1 7.3 5.3 14.9 10.4 7.2 20.2 18.2 7.3 5.1 5.4 5.7 10.3 5.3 (1.1) 80.1 2.45 2.68 2.92 3.18 3.47
Altria Group Inc. MO 0.4274 9.2 9.2 12.2 35.2 11.1 8.5 8.5 6.8 8.2 9.9 9.9 9.8 11.5 7.3 4.4 64.6 1.67 1.78 1.89 2.01 2.14
American States Water AWR 0.8533 5.8 3.0 1.0 4.7 2.7 3.3 1.7 0.6 1.0 0.5 1.2 0.4 2.2 1.7 (10.8) 60.6 1.13 1.22 1.31 1.41 1.52
Archer Daniels Midland ADM 0.1749 9.2 7.1 7.7 13.0 15.0 17.6 13.3 25.0 9.1 14.1 5.0 5.0 11.8 5.6 (1.6) 79.6 0.72 0.79 0.87 0.96 1.05
AT&T Inc. T 0.9650 2.4 2.4 2.5 12.7 6.8 3.1 3.2 11.9 5.2 3.9 1.7 4.1 5.0 3.5 (38.8) 46.0 1.84 2.01 2.20 2.40 2.62
Automatic Data Proc. ADP 0.3050 5.9 3.0 13.8 26.1 24.3 19.4 10.7 16.7 4.3 12.2 17.1 14.8 14.0 7.0 (3.6) 71.3 1.57 1.72 1.88 2.06 2.26
Becton Dickinson & Co. BDX 0.3400 10.8 12.1 15.8 16.3 14.0 19.4 20.0 50.0 2.6 2.6 2.7 8.8 14.6 12.2 1.7 81.9 1.79 1.93 2.09 2.26 2.45
Bemis Company BMS 0.4600 4.3 2.2 2.3 4.8 10.5 5.6 12.5 14.3 7.7 4.0 4.2 4.3 6.4 3.8 (11.2) 57.2 1.06 1.12 1.20 1.27 1.36
Black Hills Corp. BKH 1.0400 1.4 1.4 1.4 2.2 3.8 3.1 3.2 3.3 3.4 3.6 3.7 3.8 2.9 0.9 (47.1) 40.6 1.61 1.70 1.80 1.91 2.03
Bowl America Class A BWL.A 0.3810 3.2 0.8 2.5 3.4 3.6 1.8 1.9 11.3 3.2 4.7 9.8 7.4 4.5 3.2 (32.5) 30.0 0.66 0.68 0.70 0.72 0.74
Brady Corp. BRC 0.3250 2.8 2.9 10.5 8.8 7.5 15.2 8.2 4.9 5.2 5.5 5.8 6.2 7.0 3.3 n/a 48.9 0.77 0.85 0.93 1.03 1.13
Brown-Forman Class B BF-B 0.3147 9.2 4.3 5.7 12.4 8.0 14.3 15.3 13.3 7.1 6.1 6.5 5.1 8.9 3.7 (17.7) 68.4 0.96 1.06 1.16 1.28 1.41
C.R. Bard Inc. BCR 0.3900 5.7 2.9 9.7 6.9 7.4 8.0 6.4 4.4 4.7 2.4 2.4 5.1 5.5 2.2 (9.3) 63.6 0.80 0.87 0.94 1.03 1.12
California Water Service CWT 0.5425 3.4 0.8 0.9 0.9 0.9 0.9 0.9 0.4 0.4 0.4 1.4 1.4 1.1 0.8 (16.0) 44.5 0.66 0.70 0.73 0.77 0.81
Carlisle Companies CSL 0.3400 6.1 4.8 5.0 7.1 7.7 8.3 2.1 8.0 2.4 2.4 9.2 11.8 6.2 2.9 (6.3) 74.1 0.75 0.82 0.91 1.00 1.10
Chevron Corp. CVX 1.2400 8.8 6.8 5.1 11.9 12.4 14.9 14.4 7.0 2.1 5.7 1.9 4.8 8.0 4.3 3.8 69.1 3.12 3.17 3.22 3.28 3.33
Chubb Corp. CB 0.6350 5.5 5.8 7.8 14.3 16.1 14.9 9.8 7.0 2.9 3.0 3.1 3.1 7.8 4.7 (0.4) 69.8 1.58 1.72 1.87 2.03 2.20
Cincinnati Financial CINF 0.6004 1.1 1.3 2.6 8.9 6.9 12.7 16.2 13.3 10.7 7.2 10.8 11.8 8.6 4.7 (15.0) 49.6 1.72 1.81 1.90 1.99 2.09
Cintas Corp. CTAS 0.0367 12.5 2.1 2.2 17.9 11.4 9.4 10.3 7.4 8.0 13.6 17.9 409.1 43.5 110.3 (7.3) 77.0 0.59 0.65 0.72 0.79 0.87
Clarcor Inc. CLC 0.2270 9.4 8.2 11.4 10.9 8.2 6.3 3.0 2.0 2.1 2.1 2.2 1.9 5.6 3.6 (9.0) 79.7 0.48 0.53 0.58 0.64 0.70
Clorox Company CLX 0.7600 9.5 9.4 11.6 13.2 31.0 3.6 3.7 10.2 15.3 1.2 2.4 7.9 9.9 7.7 0.5 72.7 2.48 2.68 2.90 3.14 3.39
Coca-Cola Company KO 0.3200 6.8 7.3 7.9 11.8 9.7 10.7 12.0 13.6 10.0 11.1 5.9 6.3 9.4 2.4 (8.4) 67.1 1.03 1.11 1.19 1.28 1.38
Colgate-Palmolive Co. CL 0.5900 11.8 18.0 10.3 11.4 12.0 12.6 15.6 6.7 25.0 6.7 7.1 6.8 12.0 5.2 (6.0) 76.2 2.48 2.70 2.94 3.19 3.48
Commerce Bancshares CBSH 0.3180 4.0 2.8 0.8 5.0 7.2 7.2 9.6 23.9 26.0 6.7 8.3 8.6 9.2 7.5 (7.6) 58.7 0.90 0.96 1.03 1.11 1.20
Community Trust Banc. CTBI 0.5340 1.7 0.8 3.4 7.4 3.8 8.3 14.8 17.7 12.6 5.0 7.6 4.6 7.3 5.1 (4.8) 55.3 1.24 1.36 1.50 1.65 1.81
Conn. Water Service CTWS 0.7850 1.6 2.8 2.3 1.7 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.3 1.5 0.5 (18.3) 45.3 0.95 1.03 1.11 1.20 1.30
Consolidated Edison ED 2.1400 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.9 1.0 0.3 (11.9) 40.6 2.46 2.54 2.62 2.70 2.79
Diebold Inc. DBD 0.6000 3.7 3.8 4.0 6.4 9.3 4.9 10.8 8.8 3.0 3.1 3.2 3.3 5.4 2.7 (1.8) 69.0 1.21 1.33 1.47 1.61 1.77
Donaldson Company DCI 0.0625 17.2 7.6 3.4 17.1 11.8 21.4 24.4 21.6 12.1 10.0 5.3 14.0 13.8 6.4 (8.7) 78.7 0.32 0.35 0.38 0.42 0.46
Dover Corp. DOV 0.4400 10.3 4.9 13.3 16.9 8.5 7.6 8.2 7.0 5.6 3.8 8.3 9.1 8.6 3.5 0.2 85.5 1.30 1.42 1.55 1.70 1.86
Eagle Financial Services EFSI 0.1900 4.3 1.5 1.5 4.7 6.7 20.0 20.5 10.7 17.2 16.4 19.6 21.1 12.0 7.6 (4.7) 45.6 0.74 0.76 0.79 0.81 0.83
Eaton Vance Corp. EV 0.0800 10.6 5.6 3.3 18.6 21.4 23.5 23.6 37.5 33.8 18.2 24.9 26.6 20.6 9.9 (1.5) 69.7 0.80 0.87 0.95 1.04 1.13
Emerson Electric EMR 0.6665 6.3 1.9 7.7 13.1 16.9 10.1 4.6 2.3 1.4 1.3 5.5 9.3 6.7 4.7 (3.2) 77.5 1.58 1.74 1.91 2.10 2.31
Energen Corp. EGN 0.3250 3.8 4.0 4.2 4.3 4.5 10.0 5.8 3.6 2.8 2.9 3.0 3.1 4.3 1.9 (7.4) 61.6 0.59 0.64 0.69 0.75 0.81
ExxonMobil Corp. XOM 0.8350 6.3 4.8 7.1 13.1 7.0 12.3 7.5 8.2 6.5 1.1 3.4 5.4 6.9 3.2 1.1 76.9 1.94 2.09 2.24 2.41 2.59
Family Dollar Stores FDO 0.1950 20.0 13.2 8.2 8.9 9.8 10.8 12.1 13.8 13.7 8.5 9.3 10.3 11.5 3.2 (4.7) 80.1 0.79 0.87 0.96 1.05 1.16
Federal Realty Inv. Trust FRT 1.7700 1.9 1.5 5.2 6.2 4.2 5.7 7.3 1.5 1.0 1.9 3.8 2.8 3.6 2.0 (48.3) 38.9 2.90 3.07 3.24 3.43 3.63
Franklin Resources BEN 0.2200 13.6 4.8 5.0 33.3 25.0 20.0 17.6 13.3 7.1 7.7 8.3 9.1 13.7 8.4 2.9 81.0 1.08 1.18 1.28 1.40 1.53
Genuine Parts Co. GPC 1.0300 10.4 2.5 3.6 7.2 8.1 7.1 3.6 1.7 1.7 2.2 4.1 5.3 4.8 2.7 (7.0) 73.3 1.94 2.12 2.32 2.54 2.78
Gorman-Rupp Company GRC 0.1966 5.4 3.7 1.3 28.9 6.4 1.8 1.4 1.5 4.6 1.6 3.2 3.3 5.2 7.3 (8.7) 71.5 0.39 0.43 0.47 0.51 0.57
H.B. Fuller Company FUL 0.2039 6.3 2.8 2.9 2.5 2.9 3.1 5.5 2.2 2.3 2.3 2.4 2.4 3.1 1.3 (17.8) 68.1 0.32 0.36 0.39 0.43 0.48
HCP Inc. HCP 1.3900 3.2 1.1 1.1 2.2 4.7 1.2 0.6 0.6 1.8 5.2 5.4 5.8 2.7 1.9 (24.8) 43.7 2.03 2.16 2.30 2.44 2.59
Helmerich & Payne Inc. HP 0.1400 18.2 10.0 5.3 5.6 4.0 4.2 1.8 1.9 3.2 3.3 3.4 3.6 5.4 4.4 (0.0) 76.4 0.26 0.29 0.32 0.35 0.38
Hormel Foods Corp. HRL 0.1650 21.4 10.5 2.7 23.3 7.1 7.7 15.6 7.1 7.7 5.4 5.7 6.1 10.0 6.3 (1.1) 82.9 0.53 0.59 0.64 0.71 0.78
Illinois Tool Works ITW 0.3150 8.7 2.4 7.8 26.4 29.1 20.5 17.0 7.5 4.5 8.5 10.8 17.5 13.4 8.2 2.0 81.6 1.52 1.67 1.84 2.02 2.22
Johnson & Johnson JNJ 0.5450 6.6 9.3 7.5 10.8 11.3 14.1 16.4 18.4 16.4 13.6 12.9 13.8 12.6 3.5 (8.7) 67.7 2.43 2.59 2.76 2.95 3.15
Kimberly-Clark Corp. KMB 1.0300 8.5 8.4 4.8 9.1 8.3 9.7 13.6 16.7 11.9 6.3 3.7 3.9 8.8 3.7 (7.0) 64.7 3.01 3.25 3.52 3.81 4.12
Lancaster Colony Corp. LANC 0.6100 9.8 6.5 2.7 3.2 3.8 4.0 7.4 13.3 9.2 10.1 6.2 6.6 6.9 3.1 (13.5) 67.6 1.47 1.61 1.75 1.91 2.08
Leggett & Platt Inc. LEG 0.3500 3.8 4.0 1.0 42.9 2.9 9.7 8.8 7.5 8.2 4.3 17.5 14.3 10.4 10.8 (6.8) 57.8 1.20 1.32 1.45 1.60 1.76
Lowe's Companies LOW 0.0300 25.0 14.3 6.1 26.9 62.5 60.0 42.9 33.3 31.3 6.7 7.1 16.7 27.7 18.6 9.0 82.8 0.55 0.61 0.67 0.73 0.81
McCormick & Co. MKC 0.3400 7.7 8.3 9.1 10.0 11.1 12.5 14.3 21.7 9.5 5.0 5.3 11.8 10.5 4.3 (10.5) 69.2 1.23 1.33 1.44 1.56 1.70
McDonald's Corp. MCD 0.1950 11.9 10.2 26.2 8.3 50.0 49.3 21.8 37.5 70.2 4.4 4.7 10.3 25.4 20.7 6.7 78.2 2.78 3.05 3.34 3.67 4.02
McGraw-Hill Companies MHP 0.4300 6.4 4.4 2.3 7.3 12.9 10.0 10.0 11.1 5.9 4.1 4.3 9.3 7.3 3.2 (9.2) 65.2 1.10 1.21 1.33 1.46 1.61
Medtronic Inc. MDT 0.1450 8.7 9.6 25.6 33.0 13.9 14.6 15.2 15.7 12.5 11.6 19.4 24.1 17.0 6.9 8.0 77.0 0.98 1.05 1.11 1.18 1.25
Mercury General Corp. MCY 0.8400 1.7 1.7 0.4 11.5 8.3 11.6 16.2 12.1 10.0 13.2 10.4 14.3 9.3 5.0 (3.6) 55.2 2.65 2.83 3.02 3.22 3.44
MGE Energy Inc. MGEE 1.3000 2.0 1.7 1.9 1.9 1.4 0.9 1.0 0.9 0.7 0.8 1.0 1.2 1.3 0.5 (13.8) 45.5 1.63 1.69 1.76 1.83 1.90
Middlesex Water Co. MSEX 0.5950 1.4 1.4 1.4 1.4 1.5 1.5 1.5 2.1 2.4 1.8 1.6 2.9 1.7 0.5 (18.4) 35.9 0.81 0.81 0.82 0.83 0.84
Mine Safety Appliances MSA 0.1511 4.0 3.1 2.1 11.9 23.5 30.8 40.5 44.1 18.5 20.4 14.1 4.4 18.1 13.8 (2.8) 70.6 1.13 1.25 1.37 1.51 1.66
NACCO Industries NC 0.8500 1.7 0.8 1.1 3.3 3.9 3.1 10.3 32.9 29.9 4.3 4.5 4.7 8.4 10.6 (2.8) 60.1 2.12 2.33 2.57 2.82 3.10
National Fuel Gas NFG 0.9150 2.9 3.0 3.9 4.1 3.4 3.5 3.6 3.8 3.4 4.1 4.2 3.3 3.6 0.4 (13.6) 51.2 1.49 1.51 1.54 1.58 1.61
Nordson Corp. NDSN 0.2400 17.9 5.8 1.0 4.3 4.5 3.9 3.2 3.3 6.1 1.8 7.7 8.3 5.7 4.3 (10.6) 74.9 0.51 0.56 0.61 0.67 0.74
Northwest Natural Gas NWN 1.2200 4.2 5.0 5.3 5.6 3.6 5.3 1.5 2.4 0.8 1.2 0.4 1.6 3.1 1.9 (12.7) 50.6 1.89 1.97 2.06 2.14 2.24
Nucor Corp. NUE 0.1300 0.7 2.1 7.6 107.9 57.5 33.3 27.7 17.5 5.3 11.8 13.3 15.4 25.0 29.3 12.5 67.6 1.60 1.72 1.86 2.01 2.17
Old Republic Int'l ORI 0.2614 1.4 1.5 1.5 6.3 6.8 15.2 27.2 12.7 6.3 6.8 7.3 12.2 8.8 7.0 n/a 42.1 0.77 0.83 0.90 0.97 1.05
Parker-Hannifin Corp. PH 0.4533 33.6 7.0 8.7 20.5 16.8 14.0 13.2 0.0 5.6 0.0 5.9 0.0 10.4 9.5 8.3 86.8 1.57 1.70 1.84 2.00 2.17
Pentair Inc. PNR 0.3200 5.3 5.6 5.9 13.3 7.1 7.7 20.9 7.5 6.7 7.1 7.7 1.6 8.0 4.6 (82.9) 54.0 0.87 0.96 1.06 1.16 1.28
PepsiCo Inc. PEP 0.5300 7.0 6.3 9.4 18.5 20.5 14.3 25.6 25.8 5.1 3.5 3.6 3.8 12.0 8.3 (3.9) 66.5 2.16 2.29 2.44 2.60 2.76
Piedmont Natural Gas PNY 0.6800 3.6 3.7 3.9 4.0 4.2 5.0 6.2 3.6 3.8 4.3 5.6 5.9 4.5 0.9 (13.1) 48.8 1.27 1.32 1.39 1.45 1.52
Pitney Bowes Inc. PBI 1.0200 1.4 1.4 2.9 6.1 3.1 3.2 1.6 1.7 1.7 1.7 1.8 11.8 3.2 2.9 7.5 40.6 1.49 1.50 1.50 1.50 1.50
PPG Industries Inc. PPG 1.5200 3.7 2.3 1.9 2.5 6.8 2.7 3.9 3.5 2.4 0.6 5.0 5.3 3.4 1.6 (13.4) 56.0 2.29 2.51 2.75 3.01 3.30
Procter & Gamble Co. PG 0.6250 9.1 9.6 11.0 14.0 12.4 11.0 11.5 13.0 9.5 8.2 9.0 7.2 10.5 2.0 (7.1) 72.9 2.22 2.41 2.61 2.84 3.08
Questar Corp. STR 0.3350 14.8 6.9 2.2 1.6 4.5 4.5 7.2 6.4 7.6 2.8 2.9 2.2 5.3 3.5 (7.2) 60.6 0.66 0.69 0.73 0.77 0.81
Raven Industries RAVN 0.1083 12.9 14.8 8.0 19.0 23.5 28.3 26.2 31.3 16.4 10.0 7.1 7.7 17.1 8.2 (2.6) 74.1 0.77 0.85 0.93 1.02 1.13
RLI Corp. RLI 0.2700 4.4 7.5 10.4 14.3 16.7 20.0 25.0 26.3 13.4 8.1 6.9 7.4 13.4 7.0 0.2 72.5 1.24 1.36 1.50 1.65 1.81
RPM International Inc. RPM 0.4750 2.4 2.5 4.5 7.7 9.2 7.4 7.0 7.5 5.0 1.0 1.5 3.7 5.0 2.6 (8.2) 63.1 0.93 1.02 1.12 1.24 1.36
Sherwin-Williams Co. SHW 0.4800 1.4 1.4 1.4 11.1 26.0 22.0 20.6 9.7 4.2 2.6 7.4 12.5 10.0 8.3 (19.8) 64.3 1.61 1.77 1.94 2.14 2.35
Sigma-Aldrich Corp. SIAL 0.1450 12.5 10.3 11.5 13.0 9.5 10.5 11.8 36.0 44.9 4.5 6.5 6.9 14.8 11.9 (6.5) 74.6 0.79 0.84 0.90 0.97 1.03
SJW Corp. SJW 0.4000 1.5 3.0 2.5 6.6 6.7 5.6 5.1 5.1 5.5 7.2 4.6 2.5 4.7 1.8 (13.8) 55.4 0.76 0.83 0.92 1.01 1.11
Sonoco Products Co. SON 0.7500 3.6 2.8 0.9 4.9 6.3 4.3 4.5 4.8 1.2 3.7 1.3 5.3 3.6 1.7 (7.9) 57.5 1.24 1.33 1.41 1.51 1.61
Stanley Black & Decker SWK 0.8700 22.4 3.1 3.2 3.3 3.4 3.5 5.6 4.9 4.0 5.3 4.4 3.4 5.5 5.1 (8.3) 76.5 1.80 1.98 2.18 2.40 2.64
Stepan Company SCL 0.6125 8.2 8.9 5.9 3.0 2.5 2.5 1.6 1.3 3.4 4.2 8.4 6.5 4.7 2.6 (7.4) 69.1 1.13 1.24 1.36 1.50 1.65
Sysco Corp. SYY 0.2000 4.0 4.2 9.1 15.8 11.8 13.3 15.4 18.2 22.2 28.6 16.7 20.0 14.9 6.8 (3.5) 66.2 1.13 1.21 1.29 1.37 1.47
T. Rowe Price Group TROW 0.2000 14.8 8.0 4.2 41.2 21.4 21.7 21.1 11.8 6.3 6.7 15.4 30.0 16.9 10.5 (1.4) 72.2 1.36 1.50 1.65 1.82 2.00
Target Corp. TGT 0.2000 31.0 23.5 13.3 15.4 18.2 22.2 20.0 15.4 8.3 9.1 4.8 5.0 15.5 7.6 7.7 85.4 1.21 1.33 1.46 1.61 1.77
Telephone & Data Sys. TDS 0.2300 5.6 3.5 4.9 5.1 5.4 5.7 6.1 6.5 6.9 7.4 8.0 8.7 6.1 1.4 (9.9) 59.5 0.47 0.48 0.49 0.51 0.52
Tennant Company TNC 0.3800 15.3 11.3 1.9 8.3 4.3 4.5 2.3 2.4 2.4 2.5 2.6 2.6 5.0 4.1 (10.4) 70.5 0.75 0.82 0.91 1.00 1.10
Tompkins Financial Corp. TMP 0.7035 5.3 7.5 3.0 6.5 8.3 7.4 7.5 7.3 6.0 5.4 1.8 4.9 5.9 1.9 (3.2) 61.3 1.54 1.66 1.80 1.94 2.10
Tootsie Roll Industries TR 0.2179 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 0.0 (28.3) 43.2 0.31 0.34 0.37 0.40 0.44
UGI Corp. UGI 0.4900 13.3 14.6 4.0 4.5 4.7 6.2 8.8 5.8 4.3 3.2 3.3 3.7 6.4 3.7 (6.4) 59.3 1.12 1.12 1.13 1.13 1.13
United Bankshares Inc. UBSI 0.8100 0.0 3.4 0.0 3.6 3.7 3.8 3.0 1.0 7.5 4.5 6.0 3.7 3.4 2.1 (7.6) 45.7 1.25 1.35 1.45 1.57 1.69
Universal Corp. UVV 1.2000 2.1 2.2 2.2 2.3 2.3 2.4 7.7 8.3 5.9 6.3 3.2 3.3 4.0 2.2 (8.1) 43.4 1.92 1.92 1.92 1.92 1.92
Universal Health Realty TruUHT 1.8100 0.4 1.5 1.7 1.7 1.8 3.9 8.7 2.0 2.1 2.1 2.2 1.7 2.5 2.0 0.1 40.9 2.43 2.48 2.54 2.60 2.67
Valspar Corp. VAL 0.2300 12.5 6.7 7.1 7.7 18.2 10.0 11.1 20.0 7.1 3.7 3.8 13.0 10.1 4.9 n/a 57.0 0.79 0.87 0.96 1.05 1.16
Vectren Corp. VVC 0.9500 1.5 1.5 2.7 3.1 3.3 3.4 3.5 3.6 3.7 3.9 4.8 3.4 3.2 0.9 (7.2) 52.5 1.50 1.57 1.65 1.73 1.82
VF Corp. VFC 0.8500 7.4 2.5 1.7 4.5 14.9 76.4 4.8 4.0 4.1 4.3 4.5 4.7 11.1 19.9 (10.4) 75.8 2.87 3.16 3.47 3.82 4.20
W.W. Grainger Inc. GWW 0.6300 21.2 16.9 14.8 15.7 20.7 20.7 17.2 6.8 2.8 2.9 3.7 6.3 12.5 7.1 (1.8) 79.0 2.77 3.05 3.35 3.69 4.06
Walgreen Company WAG 0.1313 28.0 25.0 20.5 20.3 21.1 21.3 22.9 18.6 10.3 3.5 3.7 3.8 16.6 8.4 13.7 86.6 0.88 0.97 1.06 1.17 1.29
Wal-Mart Stores Inc. WMT 0.2000 18.4 11.8 13.1 12.7 26.8 12.5 20.8 39.1 16.9 9.3 17.4 15.0 17.8 7.8 3.4 84.1 1.52 1.66 1.80 1.96 2.13
Weyco Group Inc. WEYS 0.1267 3.2 6.9 16.0 25.0 17.6 36.0 19.0 16.7 8.0 8.7 9.5 10.5 14.8 8.7 0.6 57.7 0.66 0.68 0.70 0.72 0.74
WGL Holdings Inc. WGL 1.2150 2.7 2.9 3.6 3.1 1.5 1.7 2.1 1.4 0.8 1.0 1.6 1.6 2.0 0.8 (13.0) 48.2 1.61 1.70 1.79 1.89 2.00
Averages for 105 0.5484 7.2 5.2 5.7 10.0 9.8 9.7 9.2 8.7 6.3 4.6 4.9 5.9 7.3 2.0 (8.6) 65.9 1.40 1.52 1.65 1.79 1.95
U.S. Dividend Champions
(based
(and on Earnings
American Estimates,
Depository Receipts) if available)
Past Performance is No Guarantee of Future Results
25+ Straight Years Higher Dividends 5-year Total
Company Ticker Est. Payback
Name Symbol $ %
1st Source Corp. SRCE 3.50 15.3
3M Company MMM 14.54 15.7
Abbott Laboratories ABT 11.86 18.1
ABM Industries Inc. ABM 3.35 16.6
AFLAC Inc. AFL 7.92 17.2
Air Products & Chem. APD 14.70 17.8
Altria Group Inc. MO 9.48 27.9
American States Water AWR 6.59 15.1
Archer Daniels Midland ADM 4.40 16.4
AT&T Inc. T 11.07 30.2
Automatic Data Proc. ADP 9.49 16.3
Becton Dickinson & Co. BDX 10.53 13.9
Bemis Company BMS 6.01 19.9
Black Hills Corp. BKH 9.05 26.5
Bowl America Class A BWL.A 3.50 28.0
Brady Corp. BRC 4.71 16.8
Brown-Forman Class B BF-B 5.86 9.1
C.R. Bard Inc. BCR 4.76 4.8
California Water Service CWT 3.67 20.1
Carlisle Companies CSL 4.58 8.7
Chevron Corp. CVX 16.12 14.4
Chubb Corp. CB 9.40 12.7
Cincinnati Financial CINF 9.51 24.6
Cintas Corp. CTAS 3.63 9.0
Clarcor Inc. CLC 2.92 6.1
Clorox Company CLX 14.60 20.1
Coca-Cola Company KO 5.98 16.0
Colgate-Palmolive Co. CL 14.79 13.9
Commerce Bancshares CBSH 5.20 12.9
Community Trust Banc. CTBI 7.56 22.0
Conn. Water Service CTWS 5.59 18.1
Consolidated Edison ED 13.10 21.6
Diebold Inc. DBD 7.40 22.7
Donaldson Company DCI 1.92 5.5
Dover Corp. DOV 7.83 13.5
Eagle Financial Services EFSI 3.94 19.6
Eaton Vance Corp. EV 4.80 17.7
Emerson Electric EMR 9.64 19.0
Energen Corp. EGN 3.49 6.8
ExxonMobil Corp. XOM 11.27 12.9
(based
(and on Earnings
American Estimates,
Name Symbol $ %
Family Dollar Stores FDO 4.84 7.6
Federal Realty Inv. Trust FRT 16.27 15.1
Franklin Resources BEN 6.46 5.5
Genuine Parts Co. GPC 11.70 18.5
Gorman-Rupp Company GRC 2.36 8.6
H.B. Fuller Company FUL 1.98 6.5
HCP Inc. HCP 11.52 25.1
Helmerich & Payne Inc. HP 1.60 3.5
Hormel Foods Corp. HRL 3.25 11.3
Illinois Tool Works ITW 9.27 15.6
Johnson & Johnson JNJ 13.87 20.6
Kimberly-Clark Corp. KMB 17.70 21.2
Lancaster Colony Corp. LANC 8.82 12.2
Leggett & Platt Inc. LEG 7.32 30.8
Lowe's Companies LOW 3.36 11.8
McCormick & Co. MKC 7.27 11.8
McDonald's Corp. MCD 16.86 18.8
McGraw-Hill Companies MHP 6.72 13.1
Medtronic Inc. MDT 5.57 13.7
Mercury General Corp. MCY 15.15 39.6
MGE Energy Inc. MGEE 8.80 17.8
Middlesex Water Co. MSEX 4.11 21.9
Mine Safety Appliances MSA 6.92 19.8
NACCO Industries NC 12.94 12.2
National Fuel Gas NFG 7.73 15.5
Nordson Corp. NDSN 3.09 5.3
Northwest Natural Gas NWN 10.30 20.9
Nucor Corp. NUE 9.36 24.9
Old Republic Int'l ORI 4.52 52.3
Parker-Hannifin Corp. PH 9.29 11.6
Pentair Inc. PNR 5.33 12.5
PepsiCo Inc. PEP 12.25 16.9
Piedmont Natural Gas PNY 6.95 22.2
Pitney Bowes Inc. PBI 7.49 56.1
PPG Industries Inc. PPG 13.87 12.6
Procter & Gamble Co. PG 13.16 19.6
Questar Corp. STR 3.65 18.5
Raven Industries RAVN 4.70 15.5
RLI Corp. RLI 7.55 11.9
RPM International Inc. RPM 5.67 20.7
(based
(and on Earnings
American Estimates,
Name Symbol $ %
Sherwin-Williams Co. SHW 9.80 6.9
Sigma-Aldrich Corp. SIAL 4.53 6.4
SJW Corp. SJW 4.63 19.8
Sonoco Products Co. SON 7.09 23.2
Stanley Black & Decker SWK 11.01 16.7
Stepan Company SCL 6.89 7.2
Sysco Corp. SYY 6.46 21.3
T. Rowe Price Group TROW 8.33 13.6
Target Corp. TGT 7.39 11.5
Telephone & Data Sys. TDS 2.48 10.1
Tennant Company TNC 4.57 10.9
Tompkins Financial Corp. TMP 9.03 23.3
Tootsie Roll Industries TR 1.86 7.3
UGI Corp. UGI 5.63 18.5
United Bankshares Inc. UBSI 7.30 30.0
Universal Corp. UVV 9.60 20.2
Universal Health Realty TruUHT 12.72 29.5
Valspar Corp. VAL 4.84 9.1
Vectren Corp. VVC 8.27 29.3
VF Corp. VFC 17.53 11.5
W.W. Grainger Inc. GWW 16.92 8.2
Walgreen Company WAG 5.37 15.0
Wal-Mart Stores Inc. WMT 9.07 12.5
Weyco Group Inc. WEYS 3.50 15.3
WGL Holdings Inc. WGL 8.99 23.0
Averages for 105 8.31 15.6
Contenders End-of-month update at: http://dripinvesting.org/Tools/Tools.htm
10-24 Straight Years Higher Dividends Most Recent Dividend Increase Information &=MultiIncThisYr
Company Ticker No. CCC DRIP Fees 8/31/12 Div. Quarterly Rate MR% Dividend Dates Qtly @=AnnualizedRate
A.O. Smith Corp. AOS Industrial Equipment 19 140 N N 54.71 1.46 0.1600 0.2000 25.00 7/27/12 7/31/12 8/15/12 B15
ACE Limited ACE Insurance 20 127 N N 73.73 2.66 0.4700 0.4900 4.26 7/27/12 7/31/12 8/21/12 A31 ADR-Switz.&
AGL Resources GAS Utility-Gas 10 251 N N 39.65 4.64 0.4500 0.4600 2.22 2/15/12 2/17/12 3/1/12 C01
Airgas Inc. ARG Chemical-Specialty 10 266 - - 83.07 1.93 0.3200 0.4000 25.00 6/13/12 6/15/12 6/29/12 C29
Albemarle Corp. ALB Chemical-Specialty 18 152 N N 54.73 1.46 0.1750 0.2000 14.29 3/13/12 3/15/12 4/1/12 A01
Alliance Resource Partner ARLP MLP-Coal 10 269 - - 61.93 6.86 1.0250 1.0625 3.66 8/3/12 8/7/12 8/14/12 B14 &
Alterra Capital Holdings LtdALTE Insurance 12 217 - - 22.97 2.79 0.1400 0.1600 14.29 8/17/12 8/21/12 9/4/12 C04 ADR-Bermuda
Analog Devices Inc. ADI Technology-Hardware 10 255 - - 39.74 3.02 0.2500 0.3000 20.00 3/7/12 3/9/12 3/28/12 C28
Andersons Inc. (The) ANDE Agriculture 10 250 N Y 40.17 1.49 0.1100 0.1500 36.36 12/31/11 1/3/12 1/24/12 A24
AptarGroup Inc. ATR Packaging 18 144 - - 50.65 1.74 0.1800 0.2200 22.22 7/29/11 8/2/11 8/23/11 B23
Aqua America Inc. WTR Utility-Water 21 116 N N 25.00 2.80 0.1650 0.1750 6.06 11/14/12 11/16/12 12/1/12 C01
Arrow Financial Corp. AROW Banking 18 147 N N 24.44 4.09 0.2427 0.2500 3.00 11/30/11 12/2/11 12/15/11 C15 2%stock-9/27
Artesian Resources ARTNA Utility-Water 15 178 N N 22.14 3.57 0.1930 0.1978 2.49 5/7/12 5/9/12 5/22/12 B22
Atlantic Tele Network Inc. ATNI Telecommunications 14 183 - - 37.68 2.44 0.2200 0.2300 4.55 10/5/11 10/7/11 10/14/11 A14
Atmos Energy ATO Utility-Gas 24 107 N N 34.94 3.95 0.3400 0.3450 1.47 11/22/11 11/25/11 12/12/11 C12
Atrion Corp. ATRI Medical Instruments 10 277 - - 217.16 1.03 0.4900 0.5600 14.29 9/12/12 9/14/12 9/28/12 C30
Auburn National Bancorp AUBN Banking 11 227 N N 21.37 3.84 0.2000 0.2050 2.50 3/7/12 3/9/12 3/26/12 C26
Avista Corp. AVA Utility-Electric/Gas 10 254 N N 25.40 4.57 0.2750 0.2900 5.45 2/22/12 2/24/12 3/15/12 C15
Avon Products Inc. AVP Personal Products 22 110 N N 15.45 5.95 0.2200 0.2300 4.55 2/15/11 2/17/11 3/1/11 C01
Axis Capital Holdings Ltd. AXS Insurance 10 249 - - 34.07 2.82 0.2300 0.2400 4.35 12/28/11 12/30/11 1/17/12 A17 ADR-Bermuda
Badger Meter Inc. BMI Industrial Equipment 20 128 N Y 33.91 2.01 0.1600 0.1700 6.25 8/29/12 8/31/12 9/14/12 C14
BancFirst Corp. OK BANF Banking 19 143 - - 41.38 2.80 0.2700 0.2900 7.41 9/26/12 9/30/12 10/15/12 A15
Bank of the Ozarks Inc. OZRK Banking 14 193 - - 32.10 1.62 0.1200 0.1300 8.33 7/11/12 7/13/12 7/20/12 A20 &
Best Buy Corp. BBY Retail-Electronic 10 278 Y Y 17.74 3.83 0.1600 0.1700 6.25 9/7/12 9/11/12 10/2/12 A02
BHP Billiton Ltd. BHP Mining/Oil&Gas 10 275 N Y 65.80 3.40 1.1000 1.1200 1.82 9/5/12 9/7/12 9/28/12 MrSp SA,ADR-Aus,@
BHP Billiton plc BBL Mining/Oil&Gas 10 276 N Y 58.77 3.81 1.1000 1.1200 1.82 9/5/12 9/7/12 9/28/12 MrSp SA,ADR-UK,@
Brown & Brown Inc. BRO Insurance 18 145 - - 26.24 1.30 0.0800 0.0850 6.25 10/31/11 11/2/11 11/16/11 B16
Buckeye Partners LP BPL MLP-Oil&Gas Pipelines 17 161 Y Y 49.42 8.40 1.0250 1.0375 1.22 2/16/12 2/21/12 2/29/12 B29
Bunge Limited BG Agriculture 11 239 - - 63.65 1.70 0.2500 0.2700 8.00 8/17/12 8/21/12 9/4/12 C04
C.H. Robinson Worldwide CHRW Transportation 15 174 - - 56.61 2.33 0.2900 0.3300 13.79 12/16/11 12/20/11 1/3/12 A03
Canadian National Railway CNI Railroad 16 168 - - 91.54 1.64 0.3283 0.3750 14.24 3/7/12 3/9/12 3/30/12 C30 @ADR-Canada
Canadian Natural ResourceCNQ Oil & Gas 12 208 - - 30.40 1.38 0.0873 0.1050 20.34 3/15/12 3/19/12 4/1/12 A01 @ADR-Canada
CARBO Ceramics CRR Oil & Gas Services 12 216 - - 70.38 1.53 0.2400 0.2700 12.50 7/30/12 8/1/12 8/15/12 B15
Cardinal Health Inc. CAH Drugs 16 170 - - 39.55 2.40 0.2150 0.2375 10.47 6/28/12 7/1/12 7/15/12 A15
Casey's General Stores IncCASY Retail-Grocery 13 204 N N 56.55 1.17 0.1500 0.1650 10.00 7/30/12 8/1/12 8/15/12 B15
Cass Information Systems ICASS Business Services 10 247 - - 40.02 1.70 0.1455 0.1700 16.88 12/1/11 12/5/11 12/15/11 C15 Adj/Stock Div
Caterpillar Inc. CAT Industrial Equipment 19 141 N Y 85.33 2.44 0.4600 0.5200 13.04 7/18/12 7/20/12 8/20/12 B20
CCFNB Bancorp Inc. CCFN Banking 15 179 Y Y 35.73 3.69 0.3100 0.3300 6.45 5/25/12 5/29/12 6/14/12 C14
Chesapeake Financial Sha CPKF Banking 20 122 - - 14.35 3.07 0.1000 0.1100 10.00 2/28/12 3/1/12 3/15/12 C15 PinkSheets(.PK)
Church & Dwight CHD Consumer Products 16 167 N N 54.74 1.75 0.1700 0.2400 41.18 2/15/12 2/17/12 3/1/12 C01
Citizens Financial Services CZFS Banking 14 187 - - 45.00 2.62 0.2700 0.2950 9.26 1/18/12 1/20/12 1/27/12 A27 BulletinBoard(.OB)
Citizens Holding Company CIZN Banking 11 219 N N 19.66 4.48 0.2100 0.2200 4.76 12/13/10 12/15/10 12/31/10 C31
Communications Systems IJCS Telecomm Equipment 10 258 - - 11.26 5.68 0.1500 0.1600 6.67 3/20/12 3/22/12 4/1/12 A01
Community Bank System CBU Banking 20 129 N N 28.04 3.85 0.2600 0.2700 3.85 9/12/12 9/14/12 10/10/12 A10
Computer Services Inc. CSVI Technology-Services 24 108 - - 30.75 1.82 0.1250 0.1400 12.00 8/30/12 9/4/12 9/25/12 C25 PinkSheets(.PK)
ConocoPhillips COP Oil & Gas 12 210 N N 56.79 4.65 0.5088 0.6600 29.72 5/17/12 5/21/12 6/1/12 C01 Adj/Spin-off
Cracker Barrel Old CountryCBRL Restaurants 10 268 N N 62.98 2.54 0.2500 0.4000 60.00 7/18/12 7/20/12 8/6/12 B06
Cullen/Frost Bankers CFR Banking 19 137 - - 55.60 3.45 0.4600 0.4800 4.35 5/30/12 6/1/12 6/15/12 C15
Donegal Group Inc. A DGICA Insurance 10 261 N N 14.33 3.42 0.1200 0.1225 2.08 4/27/12 5/1/12 5/15/12 B15
Donegal Group Inc. B DGICB Insurance 10 262 - - 18.00 2.44 0.1075 0.1100 2.33 4/27/12 5/1/12 5/15/12 B15
Eagle Bancorp Montana IncEBMT Banking 13 195 - - 10.27 2.78 0.0700 0.0713 1.79 8/3/11 8/5/11 8/26/11 B26
Ecolab Inc. ECL Cleaning Products 20 119 N N 64.03 1.25 0.1750 0.2000 14.29 12/16/11 12/20/11 1/17/12 A17
Enbridge Inc. ENB Oil & Gas 17 162 N N 39.42 2.51 0.2060 0.2475 20.15 2/13/12 2/15/12 3/1/12 C01 @ADR-Canada
Enterprise Bancorp Inc. EBTC Banking 18 149 - - 15.84 2.78 0.1050 0.1100 4.76 2/7/12 2/9/12 3/1/12 C01
Enterprise Products Partne EPD MLP-Pipelines/Services 15 181 - - 53.40 4.76 0.6275 0.6350 1.20 7/27/12 7/31/12 8/8/12 B08 &
EOG Resources Inc. EOG Oil & Gas 13 199 - - 108.30 0.63 0.1600 0.1700 6.25 4/12/12 4/16/12 4/30/12 A30
Erie Indemnity Company ERIE Insurance 22 111 - - 63.77 3.47 0.5150 0.5525 7.28 1/3/12 1/5/12 1/20/12 A20
Essex Property Trust ESS REIT-Apartment 18 153 N Y 151.98 2.90 1.0400 1.1000 5.77 3/28/12 3/30/12 4/13/12 A13
Expeditors International EXPD Transportation 18 155 - - 36.61 1.53 0.2500 0.2800 12.00 5/30/12 6/1/12 6/15/12 JnDe Semi-ann. Div
Factset Research System I FDS Financial Services 14 190 - - 92.27 1.34 0.2700 0.3100 14.81 5/29/12 5/31/12 6/19/12 C19
Farmers & Merchants BancFMCB Banking 14 185 - - 370.00 3.24 5.8250 6.0000 3.00 12/13/11 12/15/11 1/2/12 JaJl SA,@,.OB
Fastenal Company FAST Building Materials 13 205 - - 43.09 1.76 0.1700 0.1900 11.76 7/25/12 7/27/12 8/24/12 B24 &
FedEx Corp. FDX Transportation 11 235 Y Y 87.63 0.64 0.1300 0.1400 7.69 6/14/12 6/18/12 7/2/12 A02
First Capital Inc. FCAP Banking 10 244 N N 20.99 3.62 0.1800 0.1900 5.56 9/14/10 9/16/10 9/30/10 C30
First Financial Corp. THFF Banking 24 106 - - 30.47 3.09 0.4600 0.4700 2.17 6/13/11 6/15/11 7/1/11 JaJl Semi-ann. Div
First Keystone Corp. FKYS Banking 11 222 N N 24.50 4.08 0.2400 0.2500 4.17 12/9/11 12/13/11 12/30/11 C30 BulletinBoard(.OB)
First of Long Island Corp. FLIC Banking 16 166 N N 29.95 3.07 0.2200 0.2300 4.55 10/4/11 10/6/11 10/14/11 A14
First Robinson Financial CoFRFC Banking 12 213 - - 31.50 3.02 0.9000 0.9500 5.56 5/30/12 6/1/12 6/15/12 May Annual Div.,.OB
Flowers Foods FLO Food Processing 11 234 N N 20.65 3.10 0.1500 0.1600 6.67 6/13/12 6/15/12 6/29/12 C29
Franklin Electric Co. FELE Industrial Equipment 20 126 - - 54.23 1.07 0.1350 0.1450 7.41 5/15/12 5/17/12 5/31/12 B31
General Dynamics GD Aerospace/Defense 21 115 - - 65.51 3.11 0.4700 0.5100 8.51 4/11/12 4/13/12 5/11/12 B11
Graco Inc. GGG Machinery 15 176 N N 49.40 1.82 0.2100 0.2250 7.14 1/12/12 1/17/12 2/1/12 B01
Harris Corp. HRS Telecomm Equipment 11 243 N N 47.03 3.15 0.3300 0.3700 12.12 9/5/12 9/7/12 9/19/12 C19 &
HCC Insurance Holdings HCC Insurance 16 173 - - 33.08 2.00 0.1550 0.1650 6.45 9/27/12 10/1/12 10/15/12 A15
Healthcare Services Group HCSG Business Services 10 271 - - 21.17 3.09 0.1625 0.1638 0.77 7/25/12 7/27/12 8/24/12 B24 &
Hingham Institution for Sav HIFS Banking 19 139 - - 62.88 2.07 0.3075 0.3250 5.69 7/6/12 7/10/12 7/20/12 A21 @w/Extras
Imperial Oil Ltd. IMO Oil & Gas 20 123 N N 45.68 1.05 0.1103 0.1200 8.84 3/1/12 3/5/12 4/1/12 A01 @ADR-Canada
Infinity Property & CasualtyIPCC Insurance 10 257 Y Y 56.10 1.60 0.1800 0.2250 25.00 3/14/12 3/16/12 3/30/12 C30
International Business Mac IBM Technology-Hardware 17 165 Y Y 194.85 1.74 0.7500 0.8500 13.33 5/8/12 5/10/12 6/9/12 C09
International Flavors & Fr IFF Food Processing 10 279 N N 60.52 2.25 0.3100 0.3400 9.68 9/17/12 9/19/12 10/3/12 A03
J.M. Smucker Co. SJM Food Processing 15 182 N Y 84.97 2.45 0.4800 0.5200 8.33 8/8/12 8/10/12 9/4/12 C04
Jack Henry & Associates JKHY Business Services 20 121 - - 36.96 1.24 0.1050 0.1150 9.52 2/16/12 2/21/12 3/8/12 C08 FY Streak
John Wiley & Sons Inc. JW-A Publishing 19 138 - - 49.34 1.95 0.2000 0.2400 20.00 7/2/12 7/5/12 7/19/12 A19 Also Class B
Juniata Valley Financial JUVF Banking 21 112 N N 17.65 4.99 0.2100 0.2200 4.76 8/11/11 8/15/11 9/1/11 A01 BulletinBoard(.OB)
Kinder Morgan Energy PartKMP MLP-Oil&Gas Pipelines 16 171 - - 82.77 5.94 1.2000 1.2300 2.50 7/27/12 7/31/12 8/14/12 B14 Also KMR/stk,&
Landmark Bancorp Inc. LARK Banking 11 226 - - 20.85 3.65 0.1810 0.1900 5.00 2/17/12 2/22/12 3/5/12 C05 Adj/Stock Div
Lincoln Electric Holdings LECO Machinery 17 160 N N 41.25 1.65 0.1550 0.1700 9.68 12/28/11 12/31/11 1/13/12 A13
Lindsay Corp. LNN Farm Equipment 10 272 - - 65.36 0.70 0.0900 0.1150 27.78 8/15/12 8/17/12 8/31/12 B31
Linear Technology Corp. LLTC Technology-Hardware 20 120 - - 33.03 3.03 0.2400 0.2500 4.17 2/15/12 2/17/12 2/29/12 B29
Lyons Bancorp Inc. LYBC Banking 12 209 - - 31.65 3.79 0.2667 0.3000 12.50 3/28/12 3/30/12 4/16/12 A16 BulletinBoard(.OB)
Magellan Midstream PartneMMP MLP-Oil&Gas Pipelines 12 215 - - 82.97 4.54 0.8400 0.9425 12.20 8/3/12 8/7/12 8/14/12 B14 2/1split-10/12, &
Matthews International MATW Business Equipment 17 157 - - 29.93 1.20 0.0800 0.0900 12.50 10/27/11 10/31/11 11/14/11 B14
Maxim Integrated Products MXIM Technology-Hardware 11 240 - - 27.14 3.54 0.2200 0.2400 9.09 8/20/12 8/22/12 9/5/12 C06
McGrath Rentcorp MGRC Business Services 20 124 - - 25.18 3.73 0.2300 0.2350 2.17 4/12/12 4/16/12 4/30/12 A30
MDU Resources MDU Utility-Gas 21 113 N N 21.55 3.11 0.1625 0.1675 3.08 12/6/11 12/8/11 1/1/12 A01
Meredith Corp. MDP Publishing 18 146 - - 32.56 4.70 0.2550 0.3825 50.00 11/28/11 11/30/11 12/15/11 C15
Met-Pro Corp. MPR Industrial Equipment 11 221 N N 9.12 3.11 0.0660 0.0710 7.58 11/30/11 12/2/11 12/16/11 C16
Microchip Technology Inc. MCHP Technology-Hardware 11 241 - - 34.75 4.04 0.3500 0.3510 0.29 8/20/12 8/22/12 9/5/12 C05 &
MOCON Inc. MOCO Scientific Instruments 10 263 - - 14.60 2.88 0.1000 0.1050 5.00 5/2/12 5/4/12 5/18/12 B18
Monsanto Company MON Agriculture 12 218 Y Y 87.11 1.72 0.3000 0.3750 25.00 10/3/12 10/5/12 10/26/12 A26
Murphy Oil Corp. MUR Oil & Gas 16 172 - - 51.33 2.44 0.2750 0.3125 13.64 8/15/12 8/17/12 9/4/12 C04
National Bankshares NKSH Banking 13 200 - - 31.75 3.34 0.5200 0.5300 1.92 5/17/12 5/21/12 6/1/12 JnDe Semi-ann. Div
National Health Investors NHI REIT-Health Care 10 281 - - 52.24 5.13 0.6500 0.6700 3.08 9/26/12 9/28/12 11/9/12 B09 &
National Instruments Corp. NATI Technology-Automation 10 252 - - 25.76 2.17 0.1000 0.1400 40.00 2/9/12 2/13/12 3/5/12 C05
National Retail Properties NNN REIT-Retail 23 109 N N 31.06 5.09 0.3850 0.3950 2.60 7/27/12 7/31/12 8/15/12 B15
New Jersey Resources NJR Utility-Gas 17 159 N N 44.81 3.39 0.3600 0.3800 5.56 12/13/11 12/15/11 1/3/12 A03
NextEra Energy NEE Utility-Electric/Gas 18 150 N N 67.31 3.57 0.5500 0.6000 9.09 2/29/12 3/2/12 3/15/12 C15
Nike Inc. NKE Apparel 10 248 Y Y 97.36 1.48 0.3100 0.3600 16.13 12/1/11 12/5/11 1/3/12 A03
Nippon Telegraph & Telep NTT Telecommunications 10 245 Y Y 23.09 3.56 0.3459 0.4111 18.85 9/29/11 10/1/11 12/1/11 JnDe SA,ADR-Japan,@
Norfolk Southern NSC Railroad 11 242 N N 72.46 2.76 0.4700 0.5000 6.38 8/9/12 8/13/12 9/10/12 C10 &
Northeast Indiana Bancorp NIDB Banking 17 158 - - 16.10 4.47 0.1750 0.1800 2.86 11/4/11 11/8/11 11/22/11 B22 BulletinBoard(.OB)
Northeast Utilities NU Utility-Electric/Gas 14 191 N Y 37.67 3.64 0.2938 0.3430 16.77 5/30/12 6/1/12 6/29/12 C29 &
Norwood Financial NWFL Banking 14 188 N N 27.60 4.35 0.2900 0.3000 3.45 1/11/12 1/13/12 2/1/12 B01
Novartis AG NVS Drugs 11 231 N N 59.01 4.17 2.3527 2.4601 4.57 2/27/12 2/29/12 4/5/12 Apr Ann,ADR-Switz
Novo Nordisk A/S NVO Drugs 11 230 Y Y 157.11 1.59 1.8176 2.4970 37.38 3/22/12 3/26/12 4/2/12 Apr EstAnn,ADR-Den.
NTT DoCoMo Inc. DCM Telecommunications 10 246 - - 17.02 4.04 0.2973 0.3436 15.59 9/29/11 10/1/11 12/1/11 JnDe SA,ADR-Japan,@
Nu Skin Enterprises Inc. NUS Personal Products 12 206 - - 41.49 1.93 0.1600 0.2000 25.00 2/22/12 2/24/12 3/14/12 C14
NuStar Energy LP NS MLP-Oil&Gas Pipelines 11 220 - - 50.72 8.64 1.0750 1.0950 1.86 8/5/11 8/9/11 8/12/11 B12
Occidental Petroleum OXY Oil&Gas 10 259 N N 85.01 2.54 0.4600 0.5400 17.39 3/7/12 3/9/12 4/15/12 A15
Oil-Dri Corp. of America ODC Chemical-Specialty 10 273 - - 22.90 3.14 0.1700 0.1800 5.88 8/15/12 8/17/12 8/31/12 B31
Omega Healthcare Investo OHI REIT-Health Care 10 260 N N 24.02 6.99 0.4100 0.4200 2.44 4/26/12 4/30/12 5/15/12 B15 &
ONEOK Inc. OKE Utility-Gas 10 270 N N 44.53 2.96 0.3050 0.3300 8.20 8/2/12 8/6/12 8/15/12 B15 &
Owens & Minor Inc. OMI Medical Equipment 15 177 N N 27.99 3.14 0.2000 0.2200 10.00 3/13/12 3/15/12 3/30/12 C30
PartnerRe Limited PRE Insurance 19 133 - - 73.40 3.38 0.6000 0.6200 3.33 2/15/12 2/17/12 3/1/12 C01 ADR-Bermuda
People's United Financial PBCT Banking 20 125 N Y 11.97 5.35 0.1575 0.1600 1.59 4/27/12 5/1/12 5/15/12 B15
Plains All American Pipelin PAA MLP-Oil&Gas Pipelines 12 214 - - 86.53 4.92 1.0450 1.0650 1.91 8/1/12 8/3/12 8/14/12 B14 &,2/1 Split-10/1
Polaris Industries PII Recreation 17 163 N N 75.19 1.97 0.2250 0.3700 64.44 2/28/12 3/1/12 3/15/12 C15
PPL Corp. PPL Utility-Electric 11 229 N N 29.33 4.91 0.3500 0.3600 2.86 3/7/12 3/9/12 4/2/12 A02
Praxair Inc. PX Chemical-Specialty 19 135 N N 105.50 2.09 0.5000 0.5500 10.00 3/5/12 3/7/12 3/15/12 C15
Prosperity Bancshares PB Banking 14 186 N N 42.10 1.85 0.1750 0.1950 11.43 12/14/11 12/16/11 1/2/12 A02
Qualcomm Inc. QCOM Telecomm Equipment 10 265 N Y 61.46 1.63 0.2150 0.2500 16.28 5/30/12 6/1/12 6/20/12 C20
Realty Income Corp. O REIT-Retail Stores 18 156 Y Y 42.13 4.30 0.1461 0.1511 3.42 8/30/12 9/4/12 9/17/12 Mo Monthly Div,&
RenaissanceRe Holdings RNR Insurance 17 164 - - 77.25 1.40 0.2600 0.2700 3.85 3/13/12 3/15/12 3/30/12 C30 ADR-Bermuda
Republic Bancorp KY RBCAA Banking 14 192 N Y 22.55 2.93 0.1540 0.1650 7.14 6/13/12 6/15/12 7/20/12 A20
Republic Services Inc. RSG Waste Management 10 280 - - 27.65 3.40 0.2200 0.2350 6.82 9/27/12 10/1/12 10/15/12 A15
Ritchie Brothers AuctioneerRBA Business Services 10 274 - - 18.66 2.63 0.1125 0.1225 8.89 8/15/12 8/17/12 9/7/12 C07
Rollins Inc. ROL Business Services 10 253 - - 23.28 1.37 0.0700 0.0800 14.29 2/8/12 2/10/12 3/9/12 C09
Roper Industries Inc. ROP Industrial Equipment 19 131 - - 102.79 0.54 0.1100 0.1375 25.00 1/4/12 1/6/12 1/27/12 A27
Ross Stores Inc. ROST Retail-Apparel 18 151 - - 69.19 0.81 0.1100 0.1400 27.27 2/15/12 2/17/12 3/30/12 C30
Royal Gold Inc. RGLD Mining 11 224 - - 88.02 0.68 0.1100 0.1500 36.36 1/4/12 1/6/12 1/20/12 A20
SCANA Corp. SCG Utility-Electric/Gas 12 207 N N 47.36 4.18 0.4850 0.4950 2.06 3/7/12 3/9/12 4/1/12 A01
SEI Investments Company SEIC Financial Services 20 118 - - 21.75 1.38 0.1200 0.1500 25.00 12/23/11 12/28/11 1/6/12 JnDe Semi-ann. Div
Shaw Communications Inc.SJR Telecommunications 10 256 - - 20.46 4.74 0.0771 0.0808 4.82 3/13/12 3/15/12 3/29/12 Mo. @ADR-Canada
South Jersey Industries SJI Utility-Gas 13 197 N N 50.62 3.18 0.3650 0.4025 10.27 12/7/11 12/9/11 12/29/11 C29
Southern Company SO Utility-Electric 11 232 N N 45.33 4.32 0.4725 0.4900 3.70 5/3/12 5/7/12 6/6/12 C06
Southside Bancshares SBSI Banking 18 154 - - 21.91 3.65 0.1714 0.2000 16.69 5/22/12 5/24/12 6/7/12 C07 Adj/Stock Div
Span-America Medical Sys SPAN Medical Equipment 14 189 - - 16.75 2.99 0.1100 0.1250 13.64 5/25/12 5/29/12 6/6/12 C06
StanCorp Financial Group SFG Insurance 13 196 - - 31.22 2.85 0.8600 0.8900 3.49 11/23/11 11/28/11 12/9/11 Dec Annual Div.
Stryker Corp. SYK Medical Devices 19 132 - - 53.26 1.60 0.1800 0.2125 18.06 12/27/11 12/29/11 1/31/12 A31
Suburban Propane Partner SPH MLP-Propane 14 194 - - 38.70 9.04 0.8525 0.8750 2.64 10/30/12 11/1/12 11/8/12 B08 Est Dates
Sunoco Logistics Partners SXL MLP-Oil&Gas Pipelines 11 238 - - 46.65 4.03 0.4275 0.4700 9.94 8/6/12 8/8/12 8/14/12 B14 &
Syngenta AG SYT Agriculture 11 233 - - 67.60 2.58 1.5660 1.7458 11.48 4/26/12 4/30/12 6/14/12 Jun Ann,ADR-Switz
Tanger Factory Outlet CentSKT REIT-Outlet Stores 19 136 N N 33.55 2.50 0.2000 0.2100 5.00 4/26/12 4/30/12 5/15/12 B15
TC Pipelines LP TCP MLP-Oil&Gas Pipelines 13 203 - - 45.42 6.87 0.7700 0.7800 1.30 8/1/12 8/3/12 8/14/12 B14
Teche Holding Co. TSH Banking 11 228 N N 39.20 3.72 0.3600 0.3650 1.39 3/14/12 3/16/12 3/30/12 C30
Teva Pharmaceutical IndustTEVA Drugs 13 201 Y Y 39.58 2.52 0.2456 0.2489 1.33 5/17/12 5/21/12 6/4/12 C04 ADR-Israel,&
Thomasville Bancshares In THVB Banking 13 202 - - 22.25 3.15 0.6500 0.7000 7.69 6/13/12 6/15/12 7/3/12 Jul PinkSh(.PK),Ann.
Thomson Reuters Corp. TRI Media 19 134 - - 28.45 4.50 0.3100 0.3200 3.23 2/17/12 2/22/12 3/15/12 C15 ADR-Canada
Tiffany & Company TIF Retail-Jewelry 10 267 N Y 61.95 2.07 0.2900 0.3200 10.34 6/18/12 6/20/12 7/10/12 A10
TJX Companies Inc. TJX Retail-Apparel 16 169 - - 45.79 1.00 0.0950 0.1150 21.05 5/8/12 5/10/12 5/31/12 B31
UMB Financial Corp. UMBF Banking 21 114 N N 49.03 1.67 0.1950 0.2050 5.13 12/7/11 12/9/11 1/3/12 A03
Unilever NV UN Consumer Products 12 211 Y Y 34.78 3.68 0.3129 0.3198 2.21 5/9/12 5/11/12 6/13/12 C13 ADR-Neth.,@,&
Unilever plc UL Consumer Products 12 212 Y Y 35.88 3.57 0.3129 0.3198 2.21 5/9/12 5/11/12 6/13/12 C13 ADR-UK,@,&
United Technologies UTX Conglomerate 19 142 Y Y 79.85 2.68 0.4800 0.5350 11.46 8/15/12 8/17/12 9/10/12 C10
UNS Energy Corp. UNS Utility-Electric/Gas 13 198 N N 40.06 4.29 0.4200 0.4300 2.38 3/8/12 3/12/12 3/22/12 C22
Urstadt Biddle Properties UBA REIT-Shopping Centers 18 148 N - 19.50 5.08 0.2450 0.2475 1.02 1/4/12 1/6/12 1/20/12 A20 AlsoUBPat90%
Valmont Industries VMI Industrial Goods 11 237 N N 126.75 0.71 0.1800 0.2250 25.00 6/27/12 6/29/12 7/16/12 A16
Vector Group Ltd. VGR Tobacco 14 184 - - 17.01 9.41 0.3810 0.4000 5.00 12/13/11 12/15/11 12/29/11 C29 Adj/Stock Div
W.P. Carey & Co. LLC WPC MLP-Real Estate 15 180 N N 46.03 4.93 0.5650 0.5670 0.35 6/28/12 7/2/12 7/16/12 A16 &,To Convert to REIT
W.R. Berkley Corp. WRB Insurance 11 236 - - 37.38 0.96 0.0800 0.0900 12.50 6/8/12 6/12/12 7/3/12 A03
Watsco Inc. WSO Electronics 11 225 - - 75.46 3.29 0.5700 0.6200 8.77 1/11/12 1/13/12 1/31/12 A29
West Pharmaceutical Servi WST Medical Instruments 19 130 N N 47.35 1.52 0.1700 0.1800 5.88 10/17/11 10/19/11 11/2/11 B02
Westamerica Bancorp WABC Banking 20 117 N Y 46.55 3.18 0.3600 0.3700 2.78 11/3/11 11/7/11 11/18/11 B18
Westwood Holdings Group WHG Financial Services 11 223 - - 36.75 4.03 0.3500 0.3700 5.71 12/13/11 12/15/11 1/2/12 A02
Xilinx Inc. XLNX Technology-Hardware 10 264 - - 33.91 2.60 0.1900 0.2200 15.79 5/14/12 5/16/12 6/6/12 C06
York Water Company YORW Utility-Water 15 175 N N 17.67 3.02 0.1310 0.1336 1.98 12/29/11 12/31/11 1/17/12 A17
Averages for 176 Contenders 14.4 49.36 3.06 8.56
Averages for 281 Champions/Contenders 23.6 50.81 3.02 8.17

Contenders Fundamental Data Numbers in Blue directly from FinViz.com (Brown=Yahoo Finance) Technical Data
10-24 Straight Years Higher Dividends Disclaimer: Although all figures are thought to be correct, no guarantee is expressed, nor should any be implied. Current Price as % from:
Company Ticker Annual Payout +/-% vs. TTM FYE TTM PEG TTM MRQ TY% NY% Est 5-yr N MktCap 52-wk 52-wk 50-day 200-day
Name Symbol Dividend %Ratio Graham P/E Month EPS Ratio P/Sales P/Book Growth Growth Growth A ($Mil) Beta Low High MMA MMA
A.O. Smith Corp. AOS 0.80 26.40 32.3 18.06 12 3.03 0.90 1.37 2.18 92.4 16.2 20.0 8 2,527 0.93 86.4 (0.3) 8.9 21.5
ACE Limited ACE 1.96 33.22 (26.6) 12.50 12 5.90 1.48 1.48 0.97 (48.9) (0.1) 8.5 20 25,001 0.73 32.2 (4.1) 1.7 3.3
AGL Resources GAS 1.84 105.75 17.8 22.79 12 1.74 4.53 1.47 1.37 (29.3) 12.5 5.0 8 4,660 0.42 9.6 (6.3) 1.0 2.1
Airgas Inc. ARG 1.60 37.74 74.1 19.59 3 4.24 1.53 1.32 3.48 36.3 20.3 12.8 16 6,392 1.08 41.8 (10.3) 1.3 1.1
Albemarle Corp. ALB 0.80 20.00 32.1 13.68 12 4.00 1.43 1.73 2.87 35.8 12.6 9.6 11 4,898 1.67 45.4 (19.6) (6.1) (7.8)
Alliance Resource Partner ARLP 4.25 76.85 9.1 11.20 12 5.53 1.60 1.56 2.39 21.6 4.5 7.0 9 2,283 0.81 27.1 (22.6) 3.3 (3.2)
Alterra Capital Holdings LtdALTE 0.64 27.95 (41.0) 10.03 12 2.29 1.14 1.34 0.78 (80.7) 2.7 8.8 9 2,206 0.92 35.9 (8.8) (0.7) 0.4
Analog Devices Inc. ADI 1.20 56.07 55.8 18.57 10 2.14 1.77 4.36 2.94 20.1 19.3 10.5 22 11,879 1.09 33.8 (2.1) 4.1 7.0
Andersons Inc. (The) ANDE 0.60 13.95 (26.3) 9.34 12 4.30 0.69 0.16 1.31 46.1 6.7 13.5 6 747 1.50 35.1 (21.7) 2.9 (7.0)
AptarGroup Inc. ATR 0.88 34.78 49.1 20.02 12 2.53 2.07 1.46 2.50 6.7 17.5 9.7 9 3,373 0.86 22.7 (8.2) 0.9 (1.6)
Aqua America Inc. WTR 0.70 66.04 67.6 23.58 12 1.06 3.20 4.73 2.68 21.3 9.2 7.4 11 3,493 0.20 27.6 (6.6) (2.0) 9.7
Arrow Financial Corp. AROW 1.00 54.35 (0.7) 13.28 12 1.84 1.93 3.95 1.67 (0.7) 2.8 6.9 1 288 0.42 18.5 (7.2) 1.0 3.3
Artesian Resources ARTNA 0.79 73.94 23.6 20.69 12 1.07 4.14 2.80 1.66 (17.4) 2.6 5.0 4 192 0.43 52.1 (3.3) 3.0 14.8
Atlantic Tele Network Inc. ATNI 0.92 40.53 18.1 16.60 12 2.27 5.53 0.79 1.89 (43.4) 0.4 3.0 5 586 0.99 38.5 (10.2) 2.8 2.9
Atmos Energy ATO 1.38 62.16 (3.2) 15.74 9 2.22 3.00 0.85 1.34 2.2 7.9 5.3 9 3,151 0.47 21.4 (5.5) (1.7) 7.2
Atrion Corp. ATRI 2.24 19.21 58.6 18.62 12 11.66 n/a 3.77 3.04 24.2 n/a n/a 1 436 0.83 15.6 (16.7) 2.2 (2.1)
Auburn National Bancorp AUBN 0.82 49.70 (17.6) 12.95 12 1.65 n/a 2.64 1.18 3.6 n/a n/a 1 78 0.13 20.5 (20.2) (2.5) 0.9
Avista Corp. AVA 1.16 74.36 (5.7) 16.28 12 1.56 3.62 0.95 1.23 4.0 10.3 4.5 6 1,493 0.69 16.5 (8.4) (4.1) 0.9
Avon Products Inc. AVP 0.92 161.40 137.9 27.11 12 0.57 903.51 0.61 4.70 (11.8) 23.2 0.0 16 6,675 1.44 8.4 (32.8) (0.7) (10.8)
Axis Capital Holdings Ltd. AXS 0.96 20.92 (50.9) 7.42 12 4.59 0.71 1.13 0.73 (98.8) 3.6 10.5 15 4,340 0.81 41.7 (2.2) 2.6 5.8
Badger Meter Inc. BMI 0.68 45.95 75.9 22.91 12 1.48 1.27 1.68 3.04 (33.3) 11.3 18.0 7 485 0.98 28.5 (14.5) (4.8) 1.3
BancFirst Corp. OK BANF 1.16 35.91 (15.3) 12.81 12 3.23 1.28 3.41 1.26 8.5 1.6 10.0 2 627 0.72 39.6 (5.3) (0.1) 4.0
Bank of the Ozarks Inc. OZRK 0.52 24.53 27.6 15.14 12 2.12 2.33 5.50 2.42 56.5 4.2 6.5 10 1,110 0.84 70.5 (7.0) 1.8 7.4
Best Buy Corp. BBY 0.68 n/a n/a n/a 2 -3.52 n/a 0.12 1.65 n/a (3.4) 3.2 24 6,030 1.29 9.2 (36.4) (7.1) (19.9)
BHP Billiton Ltd. BHP 2.24 38.82 (9.9) 11.40 6 5.77 1.11 2.43 1.60 (32.4) 15.4 10.3 4 175,152 1.56 9.9 (21.6) (0.2) (6.2)
BHP Billiton plc BBL 2.24 38.82 5.7 10.19 6 5.77 1.85 2.17 2.47 (32.4) 21.2 5.5 3 156,439 1.61 19.7 (14.6) 0.7 (2.0)
Brown & Brown Inc. BRO 0.34 28.57 46.5 22.05 12 1.19 1.77 3.42 2.19 0.8 16.8 12.4 15 3,760 0.77 58.6 (6.5) 0.9 7.8
Buckeye Partners LP BPL 4.15 741.07 178.0 88.25 12 0.56 13.70 1.04 1.97 (27.6) 24.4 6.4 10 4,840 0.31 13.1 (22.4) (3.9) (10.3)
Bunge Limited BG 1.08 22.64 (27.8) 13.34 12 4.77 1.33 0.15 0.88 (60.0) 14.4 10.0 14 9,295 1.22 19.7 (9.0) 0.7 2.3
C.H. Robinson Worldwide CHRW 1.32 48.53 157.7 20.81 12 2.72 1.53 0.85 7.18 12.4 12.5 13.6 28 9,141 0.67 11.4 (25.1) (0.1) (9.0)
Canadian National Railway CNI 1.50 24.96 54.8 15.23 12 6.01 1.06 4.13 3.54 20.8 10.7 14.4 24 39,830 0.99 50.1 (2.1) 4.5 13.7
Canadian Natural ResourceCNQ 0.42 16.09 (14.9) 11.65 12 2.61 0.52 2.22 1.40 55.9 51.9 22.5 12 33,289 1.65 21.6 (26.0) 7.0 (7.4)
CARBO Ceramics CRR 1.08 18.88 14.6 12.30 12 5.72 0.35 2.44 2.40 65.1 6.0 35.2 14 1,624 0.83 11.7 (56.4) (3.2) (26.2)
Cardinal Health Inc. CAH 0.95 31.05 12.2 12.92 6 3.06 1.23 0.13 2.19 12.0 9.8 10.5 21 13,490 0.77 4.2 (13.1) (4.0) (4.2)
Casey's General Stores IncCASY 0.66 21.71 87.7 18.60 12 3.04 1.48 0.31 4.26 36.9 16.1 12.6 7 2,166 0.53 37.1 (10.0) (3.0) 3.6
Cass Information Systems ICASS 0.68 30.36 40.0 17.87 12 2.24 n/a 8.72 2.47 12.9 n/a n/a 1 416 0.59 36.3 (6.6) 1.1 4.3
Caterpillar Inc. CAT 2.08 23.27 21.8 9.54 12 8.94 0.55 0.84 3.50 78.2 9.7 17.5 19 55,744 1.85 29.0 (26.3) 0.7 (11.0)
CCFNB Bancorp Inc. CCFN 1.32 41.64 (26.8) 11.27 12 3.17 n/a 3.15 1.07 n/a n/a n/a 0 78 n/a 6.7 (6.0) 70.0 67.0
Chesapeake Financial Sha CPKF 0.44 19.64 (51.7) 6.41 12 2.24 n/a 1.31 0.82 n/a n/a n/a 0 47 n/a 32.9 (8.6) 3.9 4.6
Church & Dwight CHD 0.96 43.64 106.1 24.88 12 2.20 2.19 2.70 3.84 13.3 12.8 11.4 17 7,621 0.33 35.4 (7.2) (0.9) 9.9
Citizens Financial Services CZFS 1.18 24.63 (20.3) 9.39 12 4.79 n/a 3.58 1.52 n/a n/a n/a 0 131 n/a 38.8 0.0 2.6 15.3
Citizens Holding Company CIZN 0.88 62.41 (16.7) 13.94 12 1.41 n/a 2.65 1.12 0.9 n/a n/a 0 96 0.25 23.5 (5.5) 1.4 5.8
Communications Systems IJCS 0.64 130.61 0.6 22.98 12 0.49 n/a 0.82 0.99 (0.1) 45.5 n/a 1 96 0.95 10.3 (32.0) 1.2 (10.4)
Community Bank System CBU 1.08 52.94 (12.6) 13.75 12 2.04 1.38 3.97 1.25 6.3 4.4 10.0 7 1,107 0.56 33.3 (3.9) 2.4 3.6
Computer Services Inc. CSVI 0.56 32.18 65.3 17.67 2 1.74 n/a 2.44 3.48 n/a n/a n/a 0 453 n/a 13.9 (8.9) (0.6) (4.1)
ConocoPhillips COP 2.64 50.97 (14.5) 10.96 12 5.18 n/a 1.06 1.50 17.7 2.8 (2.0) 20 68,974 1.14 32.6 (2.5) 2.7 5.1
Cracker Barrel Old CountryCBRL 1.60 43.48 81.9 17.11 7 3.68 1.66 0.59 4.35 (0.3) 5.4 10.3 9 1,464 0.84 72.5 (2.4) 1.1 12.6
Cullen/Frost Bankers CFR 1.92 51.75 (1.7) 14.99 12 3.71 2.09 5.45 1.45 3.1 (0.3) 7.2 18 3,414 0.60 32.1 (7.5) (0.4) 1.3
Donegal Group Inc. A DGICA 0.49 125.64 21.9 36.74 12 0.39 n/a 0.72 0.91 n/a n/a n/a 0 367 n/a 27.7 (10.4) 2.3 1.8
Donegal Group Inc. B DGICB 0.44 112.82 54.9 46.15 12 0.39 n/a 0.92 1.17 n/a n/a n/a 0 461 n/a 23.1 0.0 6.4 4.4
Eagle Bancorp Montana IncEBMT 0.29 50.89 (23.9) 18.34 6 0.56 1.83 2.83 0.71 (10.0) 42.9 10.0 1 40 0.49 10.7 (1.6) 1.7 4.1
Ecolab Inc. ECL 0.80 44.94 130.7 35.97 12 1.78 2.37 2.00 3.33 (14.4) 17.7 15.2 18 18,729 0.70 36.8 (7.2) (3.5) 3.6
Enbridge Inc. ENB 0.99 113.79 157.8 45.31 12 0.87 4.68 1.41 3.30 12.7 15.3 9.7 7 31,426 0.70 36.4 (5.6) (0.8) 3.8
Enterprise Bancorp Inc. EBTC 0.44 35.48 (19.5) 12.77 12 1.24 n/a 2.24 1.14 0.4 n/a n/a 1 152 0.93 39.3 (10.2) (3.2) 1.8
Enterprise Products Partne EPD 2.54 92.70 82.4 19.49 12 2.74 1.25 1.08 3.84 106.7 3.2 15.5 12 47,456 0.62 47.7 (1.7) 2.2 9.1
EOG Resources Inc. EOG 0.68 13.28 43.5 21.15 12 5.12 1.54 2.57 2.19 549.2 18.3 13.8 29 29,243 1.08 63.3 (9.4) 9.1 5.1
Erie Indemnity Company ERIE 2.21 78.65 111.6 22.69 12 2.81 3.24 0.62 4.44 7.8 20.4 7.0 1 3,011 0.71 4.3 (19.9) (6.4) (12.0)
Essex Property Trust ESS 4.40 215.69 240.9 74.50 12 2.04 7.08 10.91 3.51 (10.0) (5.0) 10.5 24 5,534 1.01 39.7 (5.4) (1.4) 4.2
Expeditors International EXPD 0.56 33.33 91.1 21.79 12 1.68 1.77 1.28 3.77 12.8 14.3 12.3 20 7,708 0.89 5.1 (22.3) (1.7) (10.3)
Factset Research System I FDS 1.24 31.63 177.9 23.54 8 3.92 1.67 5.19 7.38 15.4 12.4 14.1 8 4,103 1.21 15.4 (15.2) (0.2) (1.9)
Farmers & Merchants BancFMCB 12.00 40.17 (10.7) 12.39 12 29.87 n/a 3.44 1.45 n/a n/a n/a 0 288 n/a 8.2 (12.9) 1.7 2.0
Fastenal Company FAST 0.76 56.72 237.7 32.16 12 1.34 1.88 4.26 7.98 34.4 17.2 17.1 12 12,761 0.95 42.8 (21.1) 2.0 (4.1)
FedEx Corp. FDX 0.56 8.74 7.2 13.67 5 6.41 0.97 0.64 1.89 40.0 16.3 14.1 28 27,516 1.24 37.4 (9.6) (2.3) (1.0)
First Capital Inc. FCAP 0.76 51.70 (15.3) 14.28 12 1.47 n/a 3.02 1.13 2.8 n/a n/a 0 59 0.21 21.0 (2.6) 4.3 5.5
First Financial Corp. THFF 0.94 34.31 (25.3) 11.12 12 2.74 n/a 3.37 1.13 32.2 (0.8) n/a 2 403 0.64 20.6 (17.0) 2.8 (1.1)
First Keystone Corp. FKYS 1.00 54.05 (10.9) 13.24 12 1.85 n/a 4.21 1.35 n/a n/a n/a 0 134 n/a 32.4 (5.8) 87.0 4.8
First of Long Island Corp. FLIC 0.92 39.83 (11.8) 12.97 12 2.31 1.30 3.41 1.35 (4.3) 3.8 10.0 3 267 0.51 42.6 (0.8) 2.9 11.0
First Robinson Financial CoFRFC 0.95 21.16 (45.3) 7.02 3 4.49 n/a 1.52 0.96 n/a n/a n/a 0 13 n/a 4.0 (7.4) (0.1) (1.5)
Flowers Foods FLO 0.64 72.73 93.5 23.47 12 0.88 3.14 0.98 3.59 (9.1) 14.0 7.5 11 2,864 0.14 19.6 (14.0) (3.3) 2.4
Franklin Electric Co. FELE 0.58 18.07 40.5 16.89 12 3.21 0.42 1.47 2.63 60.3 8.6 40.0 2 1,268 1.02 67.0 (9.2) 0.7 9.0
General Dynamics GD 2.04 29.78 (15.2) 9.56 12 6.85 1.08 0.71 1.69 1.8 4.9 8.9 24 23,111 1.25 25.1 (10.8) 1.9 (1.4)
Graco Inc. GGG 0.90 40.18 173.6 22.05 12 2.24 2.42 3.16 7.64 37.1 16.1 9.1 7 2,990 1.62 57.5 (12.4) 6.6 5.1
Harris Corp. HRS 1.48 30.71 9.2 9.76 6 4.82 2.96 0.98 2.75 2.5 2.7 3.3 17 5,351 1.04 47.3 (1.2) 8.9 15.2
HCC Insurance Holdings HCC 0.66 21.93 (30.5) 10.99 12 3.01 1.63 1.35 0.99 (23.1) 0.9 6.8 11 3,331 0.63 32.7 0.9 4.6 10.3
Healthcare Services Group HCSG 0.66 109.17 217.3 35.28 12 0.60 1.96 1.43 6.42 9.8 21.2 18.0 6 1,424 0.60 50.8 (9.4) 0.8 7.9
Hingham Institution for Sav HIFS 1.30 21.56 (16.1) 10.43 12 6.03 n/a 2.73 1.52 17.9 n/a n/a 1 133 0.16 40.9 (6.1) 4.3 14.8
Imperial Oil Ltd. IMO 0.48 11.57 13.0 11.01 12 4.15 2.16 1.23 2.61 52.6 2.5 5.1 4 38,718 1.04 43.5 (6.6) 5.5 4.2
Infinity Property & CasualtyIPCC 0.90 31.36 (7.3) 19.55 12 2.87 2.06 0.57 0.99 (51.2) 27.0 9.5 6 657 0.37 24.3 (17.5) (2.2) 1.3
International Business Mac IBM 3.40 24.73 161.8 14.17 12 13.75 1.33 2.10 10.88 13.4 9.8 10.6 25 222,671 0.66 24.8 (6.7) 0.6 0.8
International Flavors & Fr IFF 1.36 40.48 79.6 18.01 12 3.36 2.74 1.77 4.03 (0.0) 8.3 6.6 13 4,931 0.87 20.2 (4.3) 6.2 8.2
J.M. Smucker Co. SJM 2.08 51.11 29.2 20.88 4 4.07 2.59 1.64 1.80 1.1 9.1 8.1 13 9,384 0.65 26.0 (0.6) 9.9 10.9
Jack Henry & Associates JKHY 0.46 25.84 n/a 20.76 6 1.78 1.89 3.14 n/a 12.0 10.4 11.0 9 3,227 0.68 37.2 (2.9) 4.8 9.2
John Wiley & Sons Inc. JW-A 0.96 27.59 34.9 14.18 4 3.48 n/a 1.66 2.89 24.0 5.2 n/a 3 2,955 0.77 19.4 (2.3) 2.5 7.1
Juniata Valley Financial JUVF 0.88 93.62 11.9 18.78 12 0.94 n/a 4.17 1.50 n/a n/a n/a 0 75 n/a 2.0 (6.9) (0.9) (2.4)
Kinder Morgan Energy PartKMP 4.92 492.00 283.6 82.77 12 1.00 6.34 3.63 4.00 (81.9) 13.7 13.1 15 28,710 0.36 34.9 (5.9) 2.4 3.3
Landmark Bancorp Inc. LARK 0.76 33.48 (38.1) 9.19 12 2.27 n/a 2.57 0.94 118.2 n/a n/a 0 58 0.25 51.6 (2.1) 5.1 9.8
Lincoln Electric Holdings LECO 0.68 23.53 31.4 14.27 12 2.89 1.10 1.20 2.72 67.8 12.2 13.0 7 3,446 1.64 55.6 (17.8) (2.8) (4.8)
Lindsay Corp. LNN 0.46 14.56 59.0 20.68 8 3.16 0.97 1.54 2.75 46.8 1.3 21.3 5 831 1.49 42.9 (12.3) (4.8) 5.5
Linear Technology Corp. LLTC 1.00 58.82 201.4 19.43 6 1.70 2.91 6.00 10.52 (31.9) 17.3 6.7 23 7,603 1.09 27.7 (2.7) 4.9 6.1
Lyons Bancorp Inc. LYBC 1.20 31.91 (34.7) 8.42 12 3.76 n/a 1.78 1.14 n/a n/a n/a 0 41 n/a 18.7 (29.7) 1.0 (1.5)
Magellan Midstream PartneMMP 3.77 94.49 139.6 20.79 12 3.99 2.73 5.03 6.21 28.6 9.6 7.6 14 9,384 0.35 51.8 (0.4) 9.2 19.6
Matthews International MATW 0.36 16.67 3.8 13.86 9 2.16 1.11 0.92 1.75 7.5 7.7 12.5 3 836 0.62 7.7 (19.8) (1.5) (3.3)
Maxim Integrated Products MXIM 0.96 81.36 78.9 23.00 6 1.18 1.68 3.30 3.13 (26.6) 15.6 13.7 27 7,920 1.14 31.2 (8.0) 3.3 3.0
McGrath Rentcorp MGRC 0.94 47.96 1.4 12.85 12 1.96 1.17 1.77 1.80 33.4 10.9 11.0 2 624 1.25 20.5 (23.2) (1.4) (9.7)
MDU Resources MDU 0.67 56.78 8.1 18.26 12 1.18 2.18 1.01 1.44 (7.8) 18.4 8.4 8 4,069 1.05 22.6 (6.8) (2.4) (0.5)
Meredith Corp. MDP 1.53 66.23 6.8 14.10 6 2.31 1.51 1.05 1.82 (19.4) (1.4) 9.3 8 1,449 1.58 62.2 (6.7) 0.8 5.8
Met-Pro Corp. MPR 0.28 60.43 16.7 19.40 1 0.47 1.62 1.31 1.58 16.1 21.4 12.0 2 134 0.98 17.2 (15.0) 0.0 (2.5)
Microchip Technology Inc. MCHP 1.40 90.00 81.6 22.28 3 1.56 2.23 4.95 3.33 (24.9) 15.8 10.0 16 6,731 1.10 20.3 (7.8) 4.9 2.4
MOCON Inc. MOCO 0.42 65.63 59.2 22.81 12 0.64 n/a 1.92 2.50 16.1 n/a n/a 0 80 0.57 15.8 (27.5) (2.4) (7.1)
Monsanto Company MON 1.50 37.50 92.8 21.78 8 4.00 1.86 3.40 3.84 49.3 16.7 11.7 17 46,425 0.90 50.4 (2.9) 2.4 11.7
Murphy Oil Corp. MUR 1.25 30.12 (23.3) 12.37 12 4.15 1.22 0.35 1.07 (5.6) 4.8 10.2 13 9,971 1.25 29.7 (20.9) (0.3) (4.0)
National Bankshares NKSH 1.06 40.61 (9.9) 12.16 12 2.61 n/a 4.47 1.50 13.3 0.4 n/a 2 220 0.42 46.2 (0.8) 3.8 10.8
National Health Investors NHI 2.68 112.61 78.3 21.95 12 2.38 3.47 16.55 3.26 17.4 6.7 6.3 5 1,454 0.67 37.3 (4.7) 0.0 9.8
National Instruments Corp. NATI 0.56 83.58 144.9 38.45 12 0.67 3.20 2.90 3.51 (15.7) 31.7 12.0 6 3,148 1.18 23.2 (10.2) (2.3) (1.7)
National Retail Properties NNN 1.58 166.32 47.6 32.69 12 0.95 9.76 11.08 1.50 23.5 12.6 3.4 10 3,360 0.87 31.7 (0.4) 6.4 16.0
New Jersey Resources NJR 1.52 67.56 40.5 19.92 9 2.25 6.26 0.79 2.23 (13.6) 3.3 3.2 6 1,864 0.21 14.6 (9.7) (0.5) (0.4)
NextEra Energy NEE 2.40 46.78 2.5 13.12 12 5.13 2.29 1.84 1.80 (3.1) 9.0 5.7 23 28,074 0.53 36.2 (6.0) (1.7) 8.7
Nike Inc. NKE 1.44 30.44 98.3 20.58 5 4.73 1.99 1.83 4.30 7.8 14.4 10.3 21 44,189 0.86 23.1 (14.6) 3.2 (3.6)
Nippon Telegraph & Telep NTT 0.82 35.44 (49.8) 9.95 3 2.32 1.04 0.46 0.57 (4.8) 5.3 9.6 1 61,105 0.36 11.8 (12.3) (1.2) (1.5)
Norfolk Southern NSC 2.00 34.31 14.4 12.43 12 5.83 0.91 2.04 2.37 36.1 10.9 13.7 29 23,152 1.07 29.1 (5.9) (0.3) 3.3
Northeast Indiana Bancorp NIDB 0.72 32.73 (50.9) 7.32 12 2.20 n/a 1.86 0.74 n/a n/a n/a 0 20 n/a 33.6 (5.5) 1.0 6.4
Northeast Utilities NU 1.37 74.16 7.6 20.36 12 1.85 3.59 2.41 1.28 1.2 10.4 5.7 14 11,821 0.49 26.6 (7.0) (2.5) 5.0
Norwood Financial NWFL 1.20 45.45 (31.8) 10.45 12 2.64 n/a 3.02 1.00 (9.6) n/a n/a 0 91 0.15 22.8 (6.5) (0.9) 4.5
Novartis AG NVS 2.46 69.49 28.5 16.67 12 3.54 12.35 2.73 2.23 (11.3) 3.1 1.4 6 159,692 0.54 19.5 (2.7) 2.5 8.0
Novo Nordisk A/S NVO 2.50 44.04 400.2 27.71 12 5.67 1.68 5.89 20.32 21.9 19.3 16.5 4 71,094 0.56 69.0 (1.9) 4.4 15.9
NTT DoCoMo Inc. DCM 0.69 47.72 (24.7) 11.82 3 1.44 1.80 1.37 1.08 (5.2) 3.0 6.6 2 74,292 0.20 9.9 (12.9) 1.5 (0.1)
Nu Skin Enterprises Inc. NUS 0.80 25.32 60.2 13.13 12 3.16 0.93 1.26 4.40 12.7 13.3 14.1 10 2,484 1.24 12.0 (32.5) (8.0) (14.7)
NuStar Energy LP NS 4.38 n/a n/a n/a 12 -2.11 n/a 0.49 1.33 (12.9) 72.7 7.2 14 3,589 0.44 11.9 (15.7) (2.9) (5.2)
Occidental Petroleum OXY 2.16 27.84 (8.0) 10.95 12 7.76 1.01 2.84 1.74 45.4 8.7 10.9 22 68,854 1.19 30.3 (19.4) (1.5) (6.7)
Oil-Dri Corp. of America ODC 0.72 56.25 15.6 17.89 7 1.28 n/a 0.68 1.68 (2.0) n/a n/a 1 162 0.41 40.3 (3.2) 4.3 11.6
Omega Healthcare Investo OHI 1.68 180.65 78.3 25.83 12 0.93 6.46 8.22 2.77 (11.3) 6.7 4.0 7 2,610 0.90 80.0 (2.0) 3.0 16.8
ONEOK Inc. OKE 1.32 81.48 131.1 27.49 12 1.62 2.88 0.67 4.37 8.0 20.1 9.6 8 9,131 1.00 46.8 (2.6) 2.3 6.8
Owens & Minor Inc. OMI 0.88 47.83 12.4 15.21 12 1.84 1.89 0.20 1.87 3.7 8.6 8.0 11 1,777 0.50 10.6 (10.6) (3.8) (3.3)
PartnerRe Limited PRE 2.48 25.65 (51.8) 7.59 12 9.67 0.83 0.83 0.69 (180.3) (12.3) 9.2 17 4,565 0.54 51.6 (3.7) (0.3) 8.5
People's United Financial PBCT 0.64 101.59 (18.3) 19.00 12 0.63 1.53 3.92 0.79 138.0 12.2 12.4 18 4,205 0.32 16.1 (9.7) 2.3 (0.6)
Plains All American Pipelin PAA 4.26 74.61 23.9 15.15 12 5.71 2.98 0.39 2.28 103.5 (9.3) 5.1 16 14,184 0.50 66.3 (2.5) 2.8 12.6
Disclaimer: Although all figures are thought to be correct, no guarantee is expressed, nor should any be implied.
10-24 Straight Years Higher Dividends Current Price as % from:
Polaris Industries PII 1.48 40.22 186.2 20.43 12 3.68 1.23 1.75 9.02 49.7 17.8 16.6 12 5,150 1.72 63.6 (9.2) 2.5 9.5
PPL Corp. PPL 1.44 48.81 (17.2) 9.94 12 2.95 n/a 1.22 1.55 22.5 2.6 (1.1) 14 17,012 0.39 12.8 (2.2) 2.1 5.3
Praxair Inc. PX 2.20 39.36 116.7 18.87 12 5.59 1.79 2.77 5.60 42.1 13.1 10.6 20 31,457 0.87 19.4 (9.3) (1.1) (1.5)
Prosperity Bancshares PB 0.78 25.24 (14.0) 13.62 12 3.09 1.62 6.42 1.22 10.6 6.0 8.4 19 2,360 0.78 38.1 (11.3) 3.2 0.8
Qualcomm Inc. QCOM 1.00 33.67 72.4 20.69 9 2.97 1.45 5.70 3.23 27.4 12.4 14.3 36 104,688 1.00 34.0 (10.4) 5.0 3.6
Realty Income Corp. O 1.81 199.29 149.3 46.30 12 0.91 9.39 12.44 3.02 10.4 8.3 4.9 14 5,622 0.78 47.6 (1.6) 2.1 12.7
RenaissanceRe Holdings RNR 1.08 11.82 (33.1) 8.45 12 9.14 0.87 4.28 1.19 (113.6) 3.0 9.8 12 4,677 0.48 29.4 (3.7) 2.8 4.2
Republic Bancorp KY RBCAA 0.66 13.10 (58.2) 4.47 12 5.04 0.45 2.61 0.88 45.2 (39.0) 10.0 2 473 1.02 41.7 (18.0) (2.8) (2.4)
Republic Services Inc. RSG 0.94 51.65 (5.6) 15.19 12 1.82 2.30 1.23 1.32 18.6 8.4 6.6 8 10,100 0.83 10.3 (10.9) 1.0 (0.4)
Ritchie Brothers AuctioneerRBA 0.49 63.64 82.4 24.23 12 0.77 1.75 4.71 3.09 15.8 21.4 13.8 15 1,987 1.18 6.6 (27.4) (7.3) (12.0)
Rollins Inc. ROL 0.32 43.84 273.8 31.89 12 0.73 3.19 2.75 9.86 12.9 7.8 10.0 1 3,401 0.55 36.5 (3.4) 1.3 7.9
Roper Industries Inc. ROP 0.55 11.96 71.2 22.35 12 4.60 1.56 3.48 2.95 30.1 15.7 14.3 12 10,054 0.83 59.3 (5.6) 2.9 7.6
Ross Stores Inc. ROST 0.56 17.39 199.5 21.49 1 3.22 1.66 1.71 9.39 23.5 12.1 12.9 21 15,608 0.69 95.2 (2.1) 2.9 19.8
Royal Gold Inc. RGLD 0.60 37.27 162.7 54.67 6 1.61 5.47 19.69 2.84 24.7 42.6 10.0 6 5,179 0.41 54.7 3.3 13.9 23.8
SCANA Corp. SCG 1.98 65.78 4.1 15.73 12 3.01 3.24 1.49 1.55 (0.2) 6.1 4.9 11 6,176 0.51 29.7 (5.9) (1.9) 4.7
SEI Investments Company SEIC 0.30 27.78 80.3 20.14 12 1.08 1.70 4.02 3.63 (8.6) 18.3 11.9 5 3,775 1.12 61.1 (3.1) 4.5 13.9
Shaw Communications Inc.SJR 0.97 57.37 13.6 12.11 8 1.69 3.32 1.81 2.40 (1.2) (3.2) 3.7 7 9,067 0.74 13.5 (6.5) 4.6 5.1
South Jersey Industries SJI 1.61 50.47 27.1 15.87 12 3.19 2.27 2.13 2.29 33.1 9.5 7.0 4 1,563 0.30 9.7 (11.3) (2.6) (1.8)
Southern Company SO 1.96 79.03 29.7 18.28 12 2.48 3.40 2.33 2.07 8.1 6.8 5.4 22 39,378 0.26 17.4 (5.7) (2.7) 1.4
Southside Bancshares SBSI 0.80 38.46 (17.9) 10.53 12 2.08 5.27 3.01 1.44 0.7 (1.6) 2.0 1 380 0.65 36.5 (6.1) 0.3 6.9
Span-America Medical Sys SPAN 0.50 31.45 (10.5) 10.53 10 1.59 n/a 0.68 1.71 (17.9) 5.0 n/a 1 49 0.70 32.7 (7.6) (1.3) 4.3
StanCorp Financial Group SFG 0.89 27.81 (46.5) 9.76 12 3.20 0.98 0.47 0.66 (23.0) 17.6 10.0 12 1,377 1.63 28.4 (25.7) (4.3) (14.1)
Stryker Corp. SYK 0.85 23.29 28.6 14.59 12 3.65 1.31 2.38 2.55 8.3 9.1 11.1 35 20,262 0.88 21.0 (6.4) 0.1 2.0
Suburban Propane Partner SPH 3.50 301.72 145.7 33.36 9 1.16 14.63 1.34 4.07 (0.6) 301.5 2.3 7 1,367 0.44 14.1 (15.2) (4.5) (6.6)
Sunoco Logistics Partners SXL 1.88 54.81 65.7 13.60 12 3.43 2.60 0.37 4.54 (18.3) (14.1) 5.2 10 4,831 0.27 78.3 (0.9) 17.2 25.6
Syngenta AG SYT 1.75 47.96 76.4 18.57 12 3.64 2.48 2.28 3.77 15.5 9.3 7.5 0 31,477 0.67 41.0 (5.1) (0.0) 6.2
Tanger Factory Outlet CentSKT 0.84 164.71 336.9 65.78 12 0.51 6.39 9.16 6.53 62.2 19.6 10.3 13 3,150 0.66 43.8 (0.6) 3.4 11.5
TC Pipelines LP TCP 3.12 113.04 17.3 16.46 12 2.76 4.11 11.35 1.88 3.8 5.4 4.0 9 2,429 0.47 20.9 (3.5) 2.4 4.3
Teche Holding Co. TSH 1.46 41.60 (30.6) 11.17 9 3.51 n/a 2.03 0.97 2.5 2.1 n/a 2 80 0.53 42.7 (7.1) 1.6 7.7
Teva Pharmaceutical IndustTEVA 1.00 27.96 (13.6) 11.12 12 3.56 1.30 1.86 1.51 (15.7) 8.4 8.6 22 37,329 0.35 15.8 (13.6) (1.3) (4.8)
Thomasville Bancshares In THVB 0.70 47.95 18.1 15.24 12 1.46 n/a 4.40 2.06 n/a n/a n/a 0 66 n/a 11.0 (1.1) (0.7) 1.5
Thomson Reuters Corp. TRI 1.28 n/a n/a n/a 12 -1.18 n/a 1.71 1.41 n/a 5.5 7.7 12 23,483 0.96 16.4 (5.1) 0.1 3.1
Tiffany & Company TIF 1.28 37.43 63.0 18.11 1 3.42 1.46 2.12 3.30 18.6 14.6 12.4 24 7,851 1.79 24.6 (22.4) 10.9 (0.5)
TJX Companies Inc. TJX 0.46 20.26 199.7 20.17 1 2.27 1.50 1.40 10.02 17.3 11.3 13.4 24 33,928 0.56 81.8 (1.9) 3.1 19.0
UMB Financial Corp. UMBF 0.82 26.28 5.4 15.71 12 3.12 2.62 5.83 1.59 17.1 (5.5) 6.0 3 1,990 0.84 63.3 (6.8) (1.6) 11.7
Unilever NV UN 1.28 71.07 119.7 19.32 12 1.80 3.07 1.59 5.62 0.1 (3.8) 6.3 3 97,529 0.81 21.1 (1.4) 3.7 6.0
Unilever plc UL 1.28 71.07 126.5 19.93 12 1.80 4.15 1.67 5.79 0.1 (2.2) 4.8 4 102,496 0.77 25.1 (0.9) 4.1 9.8
United Technologies UTX 2.14 36.39 39.4 13.58 12 5.88 1.21 1.30 3.22 15.9 19.4 11.2 23 72,806 1.06 22.4 (7.5) 5.7 4.1
UNS Energy Corp. UNS 1.72 69.64 7.1 16.22 12 2.47 2.95 1.09 1.59 (3.9) 20.9 5.5 4 1,613 0.64 21.0 (4.9) 0.0 7.9
Urstadt Biddle Properties UBA 0.99 186.79 55.6 36.79 10 0.53 7.36 6.51 1.48 17.0 24.1 5.0 4 581 0.70 34.0 (2.7) 0.7 5.7
Valmont Industries VMI 0.90 8.90 22.2 12.54 12 10.11 1.02 1.16 2.68 140.7 10.1 12.3 8 3,372 1.49 74.6 (6.6) 0.7 14.2
Vector Group Ltd. VGR 1.60 615.38 n/a 65.42 12 0.26 5.95 1.24 n/a 38.0 0.0 11.0 0 1,385 0.43 10.2 (4.2) 0.0 0.7
W.P. Carey & Co. LLC WPC 2.27 109.04 62.1 22.13 12 2.08 n/a 6.66 2.67 62.4 n/a n/a 1 1,858 0.91 38.5 (5.1) (0.4) 4.6
W.R. Berkley Corp. WRB 0.36 11.76 (18.6) 12.22 12 3.06 1.26 0.94 1.22 (6.5) 3.8 9.7 13 5,126 0.40 37.0 (5.6) (0.9) 3.0
Watsco Inc. WSO 2.48 87.94 84.7 26.76 12 2.82 1.59 0.81 2.87 10.5 20.7 16.9 11 2,602 0.85 55.0 (5.8) 2.8 7.8
West Pharmaceutical Servi WST 0.72 31.44 47.6 20.68 12 2.29 1.40 1.31 2.37 13.7 8.2 14.7 5 1,611 0.74 35.7 (8.6) (3.9) 9.3
Westamerica Bancorp WABC 1.48 48.37 25.0 15.21 12 3.06 2.62 6.49 2.31 (4.7) 2.0 5.8 9 1,283 0.69 32.4 (4.5) 0.8 2.9
Westwood Holdings Group WHG 1.48 80.00 91.0 19.86 12 1.85 n/a 4.16 4.13 29.3 n/a n/a 0 295 0.46 26.3 (9.0) (1.1) (0.5)
Xilinx Inc. XLNX 0.88 47.31 63.0 18.23 3 1.86 1.33 4.03 3.28 (18.7) 19.9 13.7 27 8,890 1.02 30.9 (9.0) 4.0 1.4
York Water Company YORW 0.53 78.59 64.4 25.99 12 0.68 4.33 5.60 2.34 0.9 11.3 6.0 4 227 0.45 14.0 (4.1) (1.4) 1.7
Averages for 176 63.79 156.0 19.57 0.74 3.69 5.11 2.21 0.8 12.6 9.9 10 15,155 0.80 31.9 (9.5) 2.0 3.6
Averages for 281 59.33 47.8 18.99 3.12 5.90 2.50 3.02 17.4 11.6 8.2 11 19,777 0.76 32.7 (3.0) 1.9 3.9
Contenders Dividends Paid by Year
*A/D=Acceleration/Deceleration (5-year average increase divided by 10-year average increase)
10-24 Straight Years Higher Dividends **DGR=Dividend Growth Rate # 2010 excludes amount normally paid in Jan. 2011 but accelerated into Dec. 2010; to be included In 2011
Company Ticker 5/10 DGR** Amounts in Red indicate no increase during year
Name Symbol A/D* 1-yr 3-yr 5-yr 10-yr 2011 # 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
A.O. Smith Corp. AOS 1.135 11.1 6.7 6.4 5.6 0.6000 0.5400 0.5133 0.4933 0.4667 0.4400 0.4267 0.4133 0.3867 0.3600 0.3467 0.3333 0.3200
ACE Limited ACE 0.778 6.3 7.7 7.2 9.3 1.3600 1.2800 1.1500 1.0900 1.0400 0.9600 0.8800 0.8000 0.7400 0.6800 0.5600 0.4800 0.4000
AGL Resources GAS 0.762 2.3 2.3 4.0 5.2 1.8000 1.7600 1.7200 1.6800 1.6400 1.4800 1.3000 1.1500 1.1100 1.0800 1.0800 1.0800 1.0800
Airgas Inc. ARG n/a 29.8 32.9 35.2 n/a 1.2200 0.9400 0.7000 0.5200 0.3400 0.2700 0.2250 0.1750 0.1200 0.0000 0.0000 0.0000 0.0000
Albemarle Corp. ALB 1.389 13.4 9.8 13.0 9.3 0.6350 0.5600 0.5000 0.4800 0.4200 0.3450 0.3100 0.2925 0.2825 0.2700 0.2600 0.2300 0.2000
Alliance Resource Partner ARLP 0.987 13.2 12.8 13.6 13.8 3.6275 3.2050 2.9500 2.5300 2.2000 1.9200 1.5750 1.2440 1.0500 1.0000 1.0000 1.0000 0.1150
Alterra Capital Holdings LtdALTE 0.434 23.8 13.0 16.7 38.5 0.5200 0.4200 0.3800 0.3600 0.3200 0.2400 0.1800 0.1200 0.0900 0.0800 0.0200 0.0000 0.0000
Analog Devices Inc. ADI n/a 12.8 7.5 10.1 n/a 0.9700 0.8600 0.8000 0.7800 0.7200 0.6000 0.3600 0.2200 0.0400 0.0000 0.0000 0.0000 0.0000
Andersons Inc. (The) ANDE 1.535 23.1 10.6 19.9 13.0 0.4400 0.3575 0.3475 0.3250 0.2200 0.1775 0.1650 0.1550 0.1450 0.1300 0.1300 0.1200 0.1000
AptarGroup Inc. ATR 0.627 21.2 12.6 13.8 21.9 0.8000 0.6600 0.6000 0.5600 0.5000 0.4200 0.3500 0.2200 0.1250 0.1200 0.1100 0.1000 0.0900
Aqua America Inc. WTR 0.954 6.8 7.3 7.3 7.6 0.6300 0.5900 0.5500 0.5100 0.4800 0.4438 0.3994 0.3675 0.3420 0.3225 0.3027 0.2818 0.2554
Arrow Financial Corp. AROW 0.593 6.1 3.6 3.8 6.5 0.9782 0.9220 0.8952 0.8796 0.8343 0.8100 0.7702 0.7238 0.6600 0.5969 0.5221 0.4583 0.4049
Artesian Resources ARTNA 0.999 1.3 2.5 4.4 4.4 0.7624 0.7529 0.7225 0.7072 0.6640 0.6134 0.5805 0.5533 0.5327 0.5156 0.4933 0.4867 0.4711
Atlantic Tele Network Inc. ATNI 1.099 8.5 10.5 12.2 11.1 0.8900 0.8200 0.7400 0.6600 0.5800 0.5000 0.4500 0.4100 0.3700 0.3300 0.3100 0.2700 0.2400
Atmos Energy ATO 0.960 1.5 1.5 1.5 1.6 1.3650 1.3450 1.3250 1.3050 1.2850 1.2650 1.2450 1.2250 1.2050 1.1850 1.1650 1.1450 1.1100
Atrion Corp. ATRI n/a 16.7 19.0 19.7 n/a 1.8200 1.5600 1.3200 1.0800 0.8800 0.7400 0.6200 0.5200 0.2400 0.0000 0.0000 0.0000 0.0000
Auburn National Bancorp AUBN 0.636 2.6 2.6 4.6 7.2 0.8000 0.7800 0.7600 0.7400 0.7000 0.6400 0.5800 0.5000 0.4800 0.4400 0.4000 0.4000 0.3200
Avista Corp. AVA 1.625 10.0 16.8 14.1 8.6 1.1000 1.0000 0.8100 0.6900 0.5950 0.5700 0.5450 0.5150 0.4900 0.4800 0.4800 0.4800 0.4800
Avon Products Inc. AVP 0.608 4.5 4.8 5.6 9.2 0.9200 0.8800 0.8400 0.8000 0.7400 0.7000 0.6600 0.5600 0.4200 0.4000 0.3800 0.3700 0.3600
Axis Capital Holdings Ltd. AXS n/a 9.5 7.5 8.9 n/a 0.9200 0.8400 0.8000 0.7400 0.6600 0.6000 0.5750 0.4450 0.0700 0.0000 0.0000 0.0000 0.0000
Badger Meter Inc. BMI 1.543 15.4 14.5 14.1 9.1 0.6000 0.5200 0.4600 0.4000 0.3400 0.3100 0.2900 0.2750 0.2650 0.2550 0.2500 0.2150 0.1800
BancFirst Corp. OK BANF 0.829 8.5 7.5 9.1 11.0 1.0200 0.9400 0.8900 0.8200 0.7400 0.6600 0.5800 0.5150 0.4550 0.3800 0.3600 0.3200 0.2500
Bank of the Ozarks Inc. OZRK 0.640 23.3 14.0 13.1 20.5 0.3700 0.3000 0.2600 0.2500 0.2150 0.2000 0.1850 0.1500 0.1150 0.0775 0.0575 0.0525 0.0500
Best Buy Corp. BBY n/a 7.0 4.8 12.4 n/a 0.6100 0.5700 0.5600 0.5300 0.4300 0.3400 0.3000 0.2733 0.2000 0.0000 0.0000 0.0000 0.0000
BHP Billiton Ltd. BHP 1.009 16.1 13.0 22.9 22.7 2.0200 1.7400 1.6400 1.4000 0.9400 0.7200 0.5600 0.3600 0.3100 0.2600 0.2607 0.4208 0.3123
BHP Billiton plc BBL n/a 16.1 13.0 22.9 n/a 2.0200 1.7400 1.6400 1.4000 0.9400 0.7200 0.5600 0.3600 0.1600 0.0000 0.0000 0.0000 0.0000
Brown & Brown Inc. BRO 0.607 4.0 4.5 9.1 15.0 0.3250 0.3125 0.3025 0.2850 0.2500 0.2100 0.1700 0.1450 0.1150 0.0900 0.0800 0.0675 0.0575
Buckeye Partners LP BPL 1.155 5.2 5.5 5.9 5.1 4.0250 3.8250 3.6250 3.4250 3.2250 3.0250 2.8250 2.6375 2.5375 2.5000 2.4500 2.4000 2.1750
Bunge Limited BG n/a 9.1 10.1 9.1 n/a 0.9600 0.8800 0.8000 0.7200 0.6600 0.6200 0.5600 0.4800 0.4200 0.3850 0.0000 0.0000 0.0000
C.H. Robinson Worldwide CHRW 0.627 11.5 9.6 17.4 27.8 1.1600 1.0400 0.9600 0.8800 0.7200 0.5200 0.3000 0.2400 0.1600 0.1200 0.1000 0.0800 0.0700
Canadian National Railway CNI 1.021 25.4 14.8 18.0 17.6 1.3130 1.0470 0.8910 0.8670 0.7850 0.5750 0.4810 0.3625 0.3334 0.2867 0.2600 0.2333 0.2000
Canadian Natural ResourceCNQ 0.859 19.7 23.2 21.5 25.0 0.3490 0.2915 0.1870 0.1865 0.1595 0.1320 0.1038 0.0888 0.0750 0.0625 0.0375 0.0000 0.0000
CARBO Ceramics CRR 1.035 15.8 12.4 14.9 14.4 0.8800 0.7600 0.7000 0.6200 0.5200 0.4400 0.3600 0.2933 0.2533 0.2400 0.2300 0.2000 0.2000
Cardinal Health Inc. CAH 1.061 10.8 30.0 30.7 28.9 0.8200 0.7400 0.5017 0.3734 0.3016 0.2154 0.1292 0.0860 0.0790 0.0720 0.0648 0.0532 0.0480
Casey's General Stores IncCASY 1.133 40.7 26.7 24.6 21.7 0.5700 0.4050 0.3200 0.2800 0.2300 0.1900 0.1700 0.1500 0.1200 0.1000 0.0800 0.0700 0.0600
Cass Information Systems ICASS 1.187 15.0 10.8 10.8 9.1 0.6064 0.5273 0.4818 0.4455 0.3967 0.3636 0.3196 0.3085 0.2805 0.2609 0.2544 0.2544 0.2322
Caterpillar Inc. CAT 1.029 4.7 4.9 10.4 10.1 1.8000 1.7200 1.6800 1.5600 1.3200 1.1000 0.9100 0.7800 0.7100 0.7000 0.6900 0.6650 0.6250
CCFNB Bancorp Inc. CCFN 1.260 5.1 11.3 9.7 7.7 1.2400 1.1800 1.0300 0.9000 0.8200 0.7800 0.7400 0.7000 0.6600 0.6300 0.5900 0.5600 0.5060
Chesapeake Financial Sha CPKF 0.839 10.4 5.5 8.2 9.7 0.3958 0.3584 0.3500 0.3374 0.2915 0.2675 0.2533 0.2358 0.1983 0.1700 0.1567 0.1392 0.1150
Church & Dwight CHD 1.803 119.4 58.7 39.2 21.8 0.6800 0.3100 0.2300 0.1700 0.1500 0.1300 0.1200 0.1133 0.1033 0.1000 0.0950 0.0933 0.0833
Citizens Financial Services CZFS 0.831 4.4 4.9 5.2 6.2 1.0600 1.0150 0.9656 0.9170 0.8692 0.8244 0.7764 0.7312 0.6868 0.6265 0.5808 0.5405 0.4995
Citizens Holding Company CIZN 0.575 3.5 4.6 5.0 8.7 0.8800 0.8500 0.8100 0.7700 0.7300 0.6900 0.6500 0.6000 0.5700 0.5200 0.3833 0.3000 0.0000
Communications Systems IJCS 1.676 3.4 7.7 12.0 7.2 0.6000 0.5800 0.5200 0.4800 0.4200 0.3400 0.2700 0.1700 0.1600 0.0000 0.3000 0.4000 0.4000
Community Bank System CBU 0.844 8.7 5.6 5.4 6.4 1.0000 0.9200 0.8800 0.8500 0.8100 0.7700 0.7300 0.6600 0.5950 0.5500 0.5400 0.5100 0.4700
Computer Services Inc. CSVI 0.804 14.6 12.5 13.5 16.7 0.4700 0.4100 0.3600 0.3300 0.2900 0.2500 0.2100 0.1600 0.1250 0.1100 0.1000 0.0950 0.0750
ConocoPhillips COP 0.908 22.8 12.0 12.9 14.2 2.0352 1.6574 1.4724 1.4493 1.2643 1.1101 0.9097 0.6900 0.6283 0.5705 0.5396 0.5242 0.5242
Cracker Barrel Old CountryCBRL 0.246 11.0 7.1 11.4 46.5 0.9100 0.8200 0.8000 0.7400 0.6000 0.5300 0.4900 0.4500 0.1100 0.0200 0.0200 0.0200 0.0200
Cullen/Frost Bankers CFR 0.834 2.8 3.3 6.8 8.1 1.8300 1.7800 1.7100 1.6600 1.5400 1.3200 1.1650 1.0350 0.9400 0.8750 0.8400 0.7600 0.6750
Donegal Group Inc. A DGICA n/a 3.8 5.5 8.1 n/a 0.4750 0.4575 0.4425 0.4050 0.3525 0.3225 0.2925 0.2644 0.1238 0.0000 0.0000 0.0000 0.0000
Donegal Group Inc. B DGICB 1.195 4.3 6.2 9.2 7.7 0.4250 0.4075 0.3925 0.3550 0.3025 0.2738 0.2503 0.2334 0.2194 0.2025 0.2025 0.2025 0.1997
Eagle Bancorp Montana IncEBMT 0.413 2.1 2.7 5.0 12.2 0.2825 0.2768 0.2710 0.2606 0.2422 0.2210 0.2000 0.1790 0.1526 0.1210 0.0894 0.0368 0.0000
Ecolab Inc. ECL 1.138 12.9 10.4 11.8 10.4 0.7000 0.6200 0.5600 0.5200 0.4600 0.4000 0.3500 0.3200 0.2900 0.2700 0.2600 0.2400 0.2100
Enbridge Inc. ENB 1.291 20.1 16.6 14.1 11.0 0.9900 0.8240 0.6510 0.6245 0.5790 0.5110 0.4715 0.4580 0.4150 0.3800 0.3500 0.3230 0.2989
Enterprise Bancorp Inc. EBTC 0.747 5.0 5.3 8.4 11.3 0.4200 0.4000 0.3800 0.3600 0.3200 0.2800 0.2400 0.2150 0.1900 0.1650 0.1438 0.1250 0.1050
Enterprise Products Partne EPD 0.793 5.3 5.6 6.0 7.6 2.4050 2.2850 2.1650 2.0450 1.9150 1.7950 1.6600 1.5125 1.4425 1.3275 1.1563 1.0250 0.9250
EOG Resources Inc. EOG 1.009 4.1 10.9 23.6 23.4 0.6350 0.6100 0.5700 0.4650 0.3300 0.2200 0.1500 0.1150 0.0900 0.0800 0.0775 0.0650 0.0600
Erie Indemnity Company ERIE 0.574 7.3 5.4 7.4 12.9 2.0600 1.9200 1.8000 1.7600 1.6000 1.4400 1.3000 0.8600 0.7600 0.6800 0.6100 0.5400 0.4800
Essex Property Trust ESS 1.113 0.6 1.3 4.5 4.1 4.1525 4.1275 4.1100 3.9900 3.6300 3.3300 3.2200 3.1500 3.1100 3.0100 2.7900 2.3200 2.1000
Expeditors International EXPD 0.689 25.0 16.0 17.8 25.9 0.5000 0.4000 0.3800 0.3200 0.2800 0.2200 0.1500 0.1100 0.0800 0.0600 0.0500 0.0350 0.0125
Factset Research System I FDS 1.335 16.9 16.4 35.2 26.4 1.0400 0.8900 0.7800 0.6600 0.4200 0.2300 0.2000 0.1800 0.1533 0.1267 0.1000 0.0700 0.0667
Farmers & Merchants BancFMCB 0.883 3.6 4.5 7.1 8.1 11.6500 11.2500 10.9000 10.2000 9.1500 8.2500 7.6000 6.9000 6.1000 5.5000 5.3500 5.1000 4.9000
Fastenal Company FAST 0.454 25.0 26.4 21.3 46.9 0.5250 0.4200 0.3600 0.2600 0.2200 0.2000 0.1550 0.1000 0.0525 0.0125 0.0113 0.0100 0.0013
FedEx Corp. FDX n/a 8.5 5.9 7.8 n/a 0.5100 0.4700 0.4400 0.4300 0.3900 0.3500 0.3100 0.2700 0.2100 0.1500 0.0000 0.0000 0.0000
First Capital Inc. FCAP 0.562 2.7 2.3 3.2 5.7 0.7600 0.7400 0.7200 0.7100 0.6800 0.6491 0.5636 0.5454 0.5091 0.4727 0.4364 0.3727 0.5009
First Financial Corp. THFF 0.395 2.2 1.9 2.1 5.2 0.9300 0.9100 0.9000 0.8800 0.8600 0.8400 0.8000 0.7500 0.6500 0.6000 0.5600 0.5100 0.1950
First Keystone Corp. FKYS 0.383 4.3 2.9 2.7 7.1 0.9700 0.9300 0.9200 0.8900 0.8800 0.8486 0.7809 0.6984 0.6222 0.5397 0.4898 0.0000 0.0000
First of Long Island Corp. FLIC 1.091 8.5 12.2 14.6 13.4 0.8900 0.8200 0.7400 0.6300 0.5675 0.4500 0.4200 0.3600 0.3400 0.2867 0.2533 0.2267 0.1000
First Robinson Financial CoFRFC 0.981 5.9 6.3 10.4 10.6 0.9000 0.8500 0.8000 0.7500 0.6500 0.5500 0.5000 0.4300 0.4000 0.3400 0.3300 0.0000 0.3100
Flowers Foods FLO n/a 12.9 15.0 22.5 n/a 0.5833 0.5167 0.4500 0.3833 0.2778 0.2111 0.1704 0.1407 0.0889 0.0099 0.0000 0.0701 0.0680
Franklin Electric Co. FELE 0.521 3.9 2.6 4.5 8.6 0.5350 0.5150 0.5000 0.4950 0.4700 0.4300 0.3800 0.3100 0.2750 0.2550 0.2350 0.2150 0.1925
General Dynamics GD 1.214 11.6 10.9 15.5 12.8 1.8300 1.6400 1.4900 1.3400 1.1000 0.8900 0.7800 0.7000 0.6300 0.5900 0.5500 0.5100 0.4700
Graco Inc. GGG 0.458 5.0 4.3 7.7 16.8 0.8400 0.8000 0.7600 0.7400 0.6600 0.5800 0.5200 0.3733 0.2207 0.1933 0.1778 0.1659 0.1304
Harris Corp. HRS 0.855 12.8 14.8 22.8 26.6 1.0600 0.9400 0.8400 0.7000 0.5200 0.3800 0.2800 0.2200 0.1800 0.1300 0.1000 0.1000 0.3850
HCC Insurance Holdings HCC 0.798 7.3 9.0 11.0 13.8 0.5900 0.5500 0.5100 0.4550 0.4100 0.3500 0.2633 0.2067 0.1900 0.1693 0.1620 0.1400 0.1267
Healthcare Services Group HCSG n/a 6.3 17.8 25.3 n/a 0.6325 0.5950 0.4933 0.3867 0.2800 0.2045 0.1230 0.0780 0.0257 0.0000 0.0000 0.0000 0.0000
Hingham Institution for Sav HIFS 0.828 7.0 6.4 4.4 5.4 1.2300 1.1500 1.0700 1.0200 1.0000 0.9900 0.9800 0.9200 0.8800 0.8000 0.7300 0.6400 0.5400
Imperial Oil Ltd. IMO 1.370 5.5 6.8 6.6 4.8 0.4410 0.4180 0.3740 0.3620 0.3500 0.3200 0.3133 0.2933 0.2900 0.2800 0.2750 0.2600 0.2500
Infinity Property & CasualtyIPCC n/a 28.6 17.8 19.1 n/a 0.7200 0.5600 0.4800 0.4400 0.3600 0.3000 0.2400 0.2200 0.1650 0.0000 0.0000 0.0000 0.0000
International Business Mac IBM 1.183 16.0 15.1 21.4 18.1 2.9000 2.5000 2.1500 1.9000 1.5000 1.1000 0.7800 0.7000 0.6300 0.5900 0.5500 0.5100 0.4700
International Flavors & Fr IFF 1.342 9.8 6.0 8.6 6.4 1.1200 1.0200 1.0000 0.9400 0.8600 0.7400 0.7200 0.6700 0.6200 0.6000 0.6000 1.5200 1.5200
J.M. Smucker Co. SJM 0.955 18.7 13.5 10.6 11.1 1.8400 1.5500 1.3700 1.2600 1.1800 1.1100 1.0600 0.9800 0.8900 0.7200 0.6400 0.6300 0.5900
Jack Henry & Associates JKHY 1.034 10.5 11.9 13.8 13.3 0.4200 0.3800 0.3400 0.3000 0.2600 0.2200 0.1800 0.1600 0.1400 0.1400 0.1200 0.1000 0.0800
John Wiley & Sons Inc. JW-A 0.878 20.0 14.5 13.6 15.5 0.7200 0.6000 0.5400 0.4800 0.4200 0.3800 0.3300 0.2800 0.2300 0.1900 0.1700 0.1520 0.1370
Juniata Valley Financial JUVF 0.683 4.9 5.1 5.4 8.0 0.8600 0.8200 0.7800 0.7400 0.7000 0.6600 0.6100 0.5700 0.5000 0.4400 0.4000 0.3773 0.3546
Kinder Morgan Energy PartKMP 0.878 6.0 5.6 7.2 8.2 4.5800 4.3200 4.2000 3.8900 3.3900 3.2300 3.0700 2.8100 2.5750 2.3600 2.0750 1.5375 1.3875
Landmark Bancorp Inc. LARK 0.897 5.0 5.0 6.7 7.5 0.7238 0.6893 0.6565 0.6252 0.5954 0.5223 0.4833 0.4603 0.4254 0.3745 0.3508 0.3508 0.3508
Lincoln Electric Holdings LECO 1.334 10.7 7.4 10.3 7.7 0.6200 0.5600 0.5400 0.5000 0.4400 0.3800 0.3600 0.3350 0.3200 0.3000 0.2950 0.2800 0.2400
Lindsay Corp. LNN 0.725 6.1 6.5 7.0 9.6 0.3500 0.3300 0.3100 0.2900 0.2700 0.2500 0.2300 0.2100 0.1700 0.1400 0.1400 0.1400 0.1300
Linear Technology Corp. LLTC 0.483 4.3 4.6 9.9 20.4 0.9600 0.9200 0.8800 0.8400 0.7200 0.6000 0.4000 0.3200 0.2300 0.1900 0.1500 0.1100 0.0775
Lyons Bancorp Inc. LYBC 0.370 7.9 6.4 6.3 17.1 0.9067 0.8400 0.7800 0.7533 0.7200 0.6667 0.5733 0.5000 0.3867 0.2733 0.1867 0.0000 0.0000
Magellan Midstream PartneMMP 0.402 7.1 4.6 6.4 15.8 3.1125 2.9075 2.8400 2.7220 2.4930 2.2860 1.9655 1.7200 1.5325 1.2890 0.7165 0.0000 0.0000
Matthews International MATW 0.795 13.8 10.4 10.0 12.6 0.3300 0.2900 0.2650 0.2450 0.2250 0.2050 0.1850 0.1650 0.1240 0.1060 0.1010 0.0970 0.0915
Maxim Integrated Products MXIM n/a 4.9 3.5 8.9 n/a 0.8600 0.8200 0.8000 0.7750 0.6875 0.5625 0.4250 0.3400 0.2200 0.0200 0.0000 0.0000 0.0000
McGrath Rentcorp MGRC 0.708 2.2 5.5 8.1 11.4 0.9150 0.8950 0.8600 0.7800 0.7000 0.6200 0.5300 0.4300 0.3900 0.3400 0.3100 0.2700 0.2300
MDU Resources MDU 0.936 3.2 3.3 4.8 5.1 0.6500 0.6300 0.6200 0.5900 0.5500 0.5150 0.4867 0.4600 0.4333 0.4133 0.3956 0.3778 0.3600
Meredith Corp. MDP 0.958 24.7 10.1 12.4 12.9 1.1475 0.9200 0.9000 0.8600 0.7400 0.6400 0.5600 0.4800 0.3800 0.3600 0.3400 0.3200 0.3000
Met-Pro Corp. MPR 1.062 9.3 6.1 6.9 6.5 0.2690 0.2460 0.2400 0.2250 0.2080 0.1927 0.1789 0.1671 0.1550 0.1456 0.1434 0.1350 0.2025
Microchip Technology Inc. MCHP n/a 1.2 1.5 9.3 n/a 1.3860 # 1.3700 1.3570 1.3270 1.1500 0.8900 0.4500 0.1730 0.0980 0.0200 0.0000 0.0000 0.0000
MOCON Inc. MOCO 1.107 5.3 6.2 5.7 5.1 0.3950 0.3750 0.3600 0.3300 0.3100 0.3000 0.2800 0.2600 0.2550 0.2400 0.2400 0.2150 0.2000
Monsanto Company MON 1.323 6.0 11.2 23.3 17.6 1.1400 1.0750 1.0350 0.8300 0.5500 0.4000 0.3400 0.2750 0.2500 0.2400 0.2250 0.0000 0.0000
Murphy Oil Corp. MUR 1.403 4.8 7.9 15.9 11.4 1.1000 1.0500 1.0000 0.8750 0.6750 0.5250 0.4500 0.4250 0.4000 0.3875 0.3750 0.3625 0.3500
National Bankshares NKSH 0.738 9.9 7.7 6.5 8.8 1.0000 0.9100 0.8400 0.8000 0.7600 0.7300 0.7100 0.6400 0.5650 0.4850 0.4300 0.4250 0.0000
National Health Investors NHI n/a 6.3 4.5 5.3 n/a 2.4500 2.3050 2.2000 2.1500 1.9800 1.8900 1.7750 1.6750 1.5500 1.5000 0.0000 2.0200 2.9600
National Instruments Corp. NATI n/a 15.4 10.9 20.1 n/a 0.4000 0.3467 0.3200 0.2933 0.2267 0.1600 0.1333 0.1222 0.0444 0.0000 0.0000 0.0000 0.0000
National Retail Properties NNN 1.529 1.3 1.1 3.0 2.0 1.5300 1.5100 1.5000 1.4800 1.4000 1.3200 1.3000 1.2900 1.2800 1.2700 1.2600 1.2450 1.2400
New Jersey Resources NJR 1.342 5.9 9.6 8.4 6.3 1.4400 1.3600 1.2400 1.0933 1.0133 0.9600 0.9067 0.8667 0.8267 0.8000 0.7822 0.7644 0.7467
NextEra Energy NEE 1.140 10.0 7.3 8.0 7.0 2.2000 2.0000 1.8900 1.7800 1.6400 1.5000 1.4200 1.3000 1.2000 1.1600 1.1200 1.0800 1.0400
Nike Inc. NKE 0.773 10.7 9.7 13.8 17.8 1.2400 1.1200 1.0200 0.9400 0.7850 0.6500 0.5300 0.4250 0.3100 0.2500 0.2400 0.2400 0.2400
Nippon Telegraph & Telep NTT 1.370 18.8 17.6 23.4 17.1 0.8222 0.6918 0.6248 0.5055 0.3640 0.2869 0.2420 0.2411 0.1970 0.1747 0.1695 0.1925 0.3631
Norfolk Southern NSC 0.916 18.6 10.8 19.5 21.3 1.6600 1.4000 1.3600 1.2200 0.9600 0.6800 0.4800 0.3600 0.3000 0.2600 0.2400 0.8000 0.8000
Northeast Indiana Bancorp NIDB 0.425 2.9 2.2 2.0 4.6 0.7050 0.6850 0.6650 0.6600 0.6450 0.6400 0.6100 0.5700 0.5300 0.4900 0.4500 0.4100 0.3455
Northeast Utilities NU 0.930 7.3 10.1 8.7 9.3 1.1000 1.0250 0.9500 0.8250 0.7750 0.7250 0.6750 0.6250 0.5750 0.5250 0.4500 0.4000 0.1000
Norwood Financial NWFL 0.834 3.6 5.1 7.2 8.6 1.1600 1.1200 1.0800 1.0000 0.9200 0.8200 0.6857 0.6475 0.6095 0.5588 0.5079 0.4317 0.3556
Novartis AG NVS 1.277 18.4 16.9 21.3 16.7 2.3527 1.9866 1.7201 1.4719 1.0813 0.8942 0.8635 0.8061 0.6999 0.5220 0.5015 1.0780 0.0000
Novo Nordisk A/S NVO 1.116 34.1 28.7 31.3 28.1 1.8860 1.4066 1.0345 0.8841 0.6091 0.4831 0.4199 0.3723 0.2614 0.1843 0.1590 0.2110 0.0820
NTT DoCoMo Inc. DCM n/a 15.6 13.6 16.7 n/a 0.6872 0.5945 0.5408 0.4688 0.3832 0.3176 0.2409 0.1747 0.0830 0.0076 0.0000 0.0000 0.0000
Nu Skin Enterprises Inc. NUS 0.708 18.0 10.3 8.1 11.4 0.5900 0.5000 0.4600 0.4400 0.4200 0.4000 0.3600 0.3200 0.2800 0.2400 0.2000 0.0000 0.0000
NuStar Energy LP NS 0.283 1.6 2.6 4.2 14.7 4.3400 4.2700 4.2390 4.0130 3.7650 3.5400 3.3100 3.1500 2.9000 2.6500 1.1010 0.0000 0.0000
Occidental Petroleum OXY 1.274 19.7 13.3 17.1 13.4 1.7600 1.4700 1.3100 1.2100 0.9400 0.8000 0.6450 0.5500 0.5200 0.5000 0.5000 0.5000 0.5000
Oil-Dri Corp. of America ODC 1.023 6.5 6.9 8.8 8.6 0.6600 0.6200 0.5800 0.5400 0.5000 0.4320 0.3600 0.3280 0.2960 0.2880 0.2880 0.2880 0.2880
Omega Healthcare Investo OHI n/a 13.1 9.2 10.1 n/a 1.5500 1.3700 1.2000 1.1900 1.0800 0.9600 0.8500 0.7200 0.1500 0.0000 0.0000 1.0000 2.8000
ONEOK Inc. OKE 0.910 18.7 11.5 12.1 13.3 1.0800 0.9100 0.8200 0.7800 0.7000 0.6100 0.5450 0.4400 0.3450 0.3100 0.3100 0.3100 0.3100
Owens & Minor Inc. OMI 0.931 13.2 14.5 14.9 16.0 0.8000 0.7067 0.6133 0.5333 0.4533 0.4000 0.3467 0.2933 0.2333 0.2067 0.1817 0.1650 0.1533
PartnerRe Limited PRE 1.013 14.6 8.5 8.0 7.9 2.3500 2.0500 1.8800 1.8400 1.7200 1.6000 1.5200 1.3600 1.2000 1.1500 1.1000 1.0400 1.0000
People's United Financial PBCT 0.764 1.6 2.5 6.3 8.3 0.6275 0.6175 0.6075 0.5833 0.5189 0.4618 0.4063 0.3581 0.3234 0.3005 0.2833 0.2537 0.2177
Plains All American Pipelin PAA 0.883 4.0 3.8 6.3 7.2 3.9050 3.7550 3.6230 3.4960 3.2830 2.8710 2.5760 2.3040 2.1880 2.1140 1.9510 1.8260 1.8440
Polaris Industries PII 0.566 12.5 5.8 7.7 13.7 0.9000 0.8000 0.7800 0.7600 0.6800 0.6200 0.5600 0.4600 0.3100 0.2800 0.2500 0.2200 0.2000
PPL Corp. PPL 0.484 0.4 1.5 4.9 10.2 1.4000 1.3950 1.3800 1.3400 1.2200 1.1000 0.9600 0.8200 0.7700 0.7200 0.5300 0.5300 0.5000
Praxair Inc. PX 0.767 11.1 10.1 14.9 19.4 2.0000 1.8000 1.6000 1.5000 1.2000 1.0000 0.7200 0.6000 0.4575 0.3800 0.3400 0.3100 0.2800
Prosperity Bancshares PB 0.850 12.9 11.9 11.8 13.9 0.7000 0.6200 0.5500 0.5000 0.4500 0.4000 0.3300 0.2875 0.2425 0.2350 0.1900 0.1600 0.0250
Qualcomm Inc. QCOM n/a 12.8 10.4 13.2 n/a 0.8350 0.7400 0.6700 0.6200 0.5400 0.4500 0.3400 0.2250 0.1200 0.0000 0.0000 0.0000 0.0000
Realty Income Corp. O 0.634 0.5 0.7 2.7 4.3 1.7366 1.7273 1.7160 1.7010 1.6410 1.5180 1.3950 1.3200 1.2000 1.1700 1.1400 1.1100 1.0800
RenaissanceRe Holdings RNR 0.632 4.0 4.2 4.4 6.9 1.0400 1.0000 0.9600 0.9200 0.8800 0.8400 0.8000 0.7200 0.6000 0.5683 0.5333 0.5000 0.4667
Republic Bancorp KY RBCAA 0.701 7.8 8.6 10.8 15.4 0.6050 0.5610 0.5170 0.4730 0.4243 0.3627 0.3060 0.2539 0.2082 0.1719 0.1448 0.1244 0.0973
Republic Services Inc. RSG n/a 6.5 5.4 16.2 n/a 0.8200 0.7700 0.7600 0.7000 0.4900 0.3867 0.3333 0.2000 0.0400 0.0000 0.0000 0.0000 0.0000
Ritchie Brothers AuctioneerRBA n/a 6.1 8.6 10.8 n/a 0.4350 0.4100 0.3800 0.3400 0.3000 0.2600 0.1933 0.1233 0.0500 0.0000 0.0000 0.0000 0.0000
Rollins Inc. ROL 0.929 16.7 18.6 20.1 21.6 0.2800 0.2400 0.1867 0.1680 0.1333 0.1120 0.0889 0.0711 0.0592 0.0395 0.0395 0.0395 0.0395
Roper Industries Inc. ROP 1.176 15.8 14.9 13.4 11.4 0.4400 0.3800 0.3300 0.2900 0.2600 0.2350 0.2100 0.1960 0.1760 0.1660 0.1500 0.1400 0.1300
Ross Stores Inc. ROST 1.133 37.5 32.3 29.7 26.2 0.4400 0.3200 0.2200 0.1900 0.1500 0.1200 0.1050 0.0860 0.0580 0.0480 0.0430 0.0380 0.0330
Royal Gold Inc. RGLD 0.612 22.2 16.3 14.9 24.3 0.4400 0.3600 0.3200 0.2800 0.2600 0.2200 0.2000 0.1500 0.1000 0.0750 0.0500 0.0500 0.0000
SCANA Corp. SCG 0.640 1.8 2.0 3.2 5.0 1.9300 1.8950 1.8700 1.8200 1.7400 1.6500 1.5350 1.4400 1.3600 1.2750 1.1875 1.1375 1.3200
SEI Investments Company SEIC 0.805 15.8 13.6 13.9 17.2 0.2200 0.1900 0.1600 0.1500 0.1300 0.1150 0.1050 0.0950 0.0650 0.0550 0.0450 0.0367 0.0150
Shaw Communications Inc.SJR 0.670 8.7 12.7 29.1 43.5 0.9250 0.8510 0.7350 0.6460 0.5405 0.2575 0.1230 0.1100 0.0550 0.0250 0.0250 0.0250 0.0150
South Jersey Industries SJI 1.468 10.5 11.5 10.7 7.3 1.4975 1.3550 1.1900 1.0800 0.9800 0.9000 0.8500 0.8100 0.7700 0.7500 0.7400 0.7300 0.7200
Southern Company SO 1.192 3.9 4.0 4.1 3.4 1.8725 1.8025 1.7325 1.6625 1.5950 1.5350 1.4750 1.4150 1.3850 1.3550 1.3400 1.3400 1.3400
Southside Bancshares SBSI 0.914 8.1 16.7 15.2 16.7 0.6589 0.6095 0.4697 0.4150 0.3641 0.3245 0.3128 0.2644 0.2241 0.1660 0.1412 0.1066 0.1016
Span-America Medical Sys SPAN 1.132 7.5 7.1 15.4 13.6 0.4300 0.4000 0.3700 0.3500 0.3200 0.2100 0.1700 0.1500 0.1400 0.1250 0.1200 0.1150 0.1000
StanCorp Financial Group SFG 0.333 3.5 5.9 6.5 19.5 0.8900 0.8600 0.8000 0.7500 0.7200 0.6500 0.6250 0.5000 0.3500 0.2000 0.1500 0.1350 0.0600
Stryker Corp. SYK 1.361 20.0 29.7 45.6 33.5 0.7200 0.6000 0.5000 0.3300 0.2200 0.1100 0.0900 0.0700 0.0600 0.0500 0.0400 0.0325 0.0300
Suburban Propane Partner SPH 1.427 1.2 2.8 6.4 4.5 3.4100 3.3700 3.2800 3.1430 2.8510 2.5020 2.4520 2.4140 2.3260 2.2760 2.2010 2.0880 2.0160
Sunoco Logistics Partners SXL n/a 7.0 9.6 9.8 n/a 1.6100 1.5050 1.3700 1.2217 1.1083 1.0083 0.8583 0.7733 0.6625 0.3867 0.0000 0.0000 0.0000
Syngenta AG SYT n/a 38.8 17.7 24.8 n/a 1.5660 1.1281 1.0735 0.9608 0.6194 0.5165 0.4227 0.2725 0.1273 0.0963 0.0000 0.0000 0.0000
Tanger Factory Outlet CentSKT 1.274 2.8 1.9 3.4 2.7 0.7938 0.7725 0.7638 0.7500 0.7100 0.6713 0.6400 0.6225 0.6145 0.6123 0.6095 0.6073 0.6038
TC Pipelines LP TCP 1.213 3.4 3.1 5.5 4.5 3.0400 2.9400 2.8700 2.7750 2.5650 2.3250 2.3000 2.2500 2.1500 2.0500 1.9500 1.8250 0.0000
Teche Holding Co. TSH 0.429 1.4 1.3 4.8 11.2 1.4400 1.4200 1.4100 1.3850 1.2950 1.1400 0.9800 0.8200 0.6350 0.5000 0.5000 0.5000 0.5000
Teva Pharmaceutical IndustTEVA 0.800 20.5 21.4 24.1 30.1 0.9010 0.7480 0.6050 0.5030 0.3850 0.3060 0.2690 0.2005 0.1625 0.0905 0.0648 0.0413 0.0276
Thomasville Bancshares In THVB n/a 8.3 9.1 16.7 n/a 0.6500 0.6000 0.5500 0.5000 0.4000 0.3000 0.2500 0.2300 0.2250 0.2000 0.1750 0.1500 0.0000
Thomson Reuters Corp. TRI 1.206 6.9 4.7 7.1 5.9 1.2400 1.1600 1.1200 1.0800 0.9800 0.8800 0.7900 0.7550 0.7250 0.7050 0.7000 0.6850 0.6575
Tiffany & Company TIF 1.168 24.1 19.1 24.6 21.0 1.0800 0.8700 0.6800 0.6400 0.4700 0.3600 0.2800 0.2200 0.1800 0.1600 0.1600 0.1400 0.1050
TJX Companies Inc. TJX 0.924 26.3 19.7 21.7 23.5 0.3600 0.2850 0.2350 0.2100 0.1700 0.1350 0.1125 0.0850 0.0675 0.0563 0.0438 0.0388 0.0338
UMB Financial Corp. UMBF 1.195 5.4 7.4 8.9 7.4 0.7800 0.7400 0.7000 0.6300 0.5500 0.5100 0.4400 0.4200 0.4000 0.3953 0.3812 0.3725 0.3464
Unilever NV UN 0.777 11.3 5.3 8.7 11.2 1.2410 1.1148 1.0867 1.0631 0.9975 0.8191 0.8037 0.7226 0.6676 0.5011 0.4311 0.4157 0.4210
Unilever plc UL 0.774 11.3 7.5 7.7 9.9 1.2410 1.1148 1.0047 0.9985 0.9842 0.8567 0.8021 0.7279 0.6181 0.5567 0.4809 0.4622 0.4695
United Technologies UTX 0.832 9.7 11.5 12.7 15.3 1.8650 1.7000 1.5400 1.3450 1.1500 1.0250 0.8800 0.7000 0.5675 0.4900 0.4500 0.4125 0.3700
UNS Energy Corp. UNS 0.964 7.7 20.5 14.9 15.4 1.6800 1.5600 1.1600 0.9600 0.9000 0.8400 0.7600 0.6400 0.6000 0.5000 0.4000 0.3200 0.0000
Urstadt Biddle Properties UBA 0.838 1.0 1.0 1.7 2.1 0.9800 0.9700 0.9600 0.9500 0.9200 0.9000 0.8800 0.8600 0.8400 0.8200 0.8000 0.7800 0.7600
Valmont Industries VMI 1.355 9.5 13.7 13.9 10.3 0.6900 0.6300 0.5600 0.4700 0.4000 0.3600 0.3300 0.3200 0.3100 0.2800 0.2600 0.2600 0.2600
Vector Group Ltd. VGR 0.697 5.0 5.0 5.0 7.2 1.5429 1.4694 1.3994 1.3328 1.2693 1.2089 1.1513 1.0965 1.0443 0.9946 0.7718 0.7350 0.3619
W.P. Carey & Co. LLC WPC 1.429 5.5 3.2 3.3 2.3 2.1320 2.0200 1.9880 1.9380 1.8590 1.8120 1.7800 1.7490 1.7300 1.7140 1.6960 1.6850 1.6650
W.R. Berkley Corp. WRB 1.184 11.1 9.3 13.4 11.3 0.3000 0.2700 0.2400 0.2300 0.2000 0.1600 0.1333 0.1244 0.1215 0.1047 0.1027 0.1027 0.1027
Watsco Inc. WSO 0.511 9.3 8.4 18.6 36.4 2.2300 2.0400 1.8900 1.7500 1.3100 0.9500 0.6200 0.3800 0.2000 0.1150 0.1000 0.1000 0.1000
West Pharmaceutical Servi WST 1.078 6.2 6.6 7.1 6.6 0.6900 0.6500 0.6100 0.5700 0.5300 0.4900 0.4500 0.4250 0.4050 0.3800 0.3650 0.3450 0.3250
Westamerica Bancorp WABC 0.376 0.7 1.4 2.2 5.9 1.4500 1.4400 1.4100 1.3900 1.3600 1.3000 1.2200 1.1000 1.0000 0.9000 0.8200 0.7400 0.6600
Westwood Holdings Group WHG n/a 4.5 6.3 26.9 n/a 1.3800 # 1.3200 1.2000 1.1500 0.8000 0.4200 0.3300 0.1900 0.0900 0.0200 0.0000 0.0000 0.0000
Xilinx Inc. XLNX n/a 14.1 10.6 16.5 n/a 0.7300 0.6400 0.5800 0.5400 0.4500 0.3400 0.2600 0.1500 0.0000 0.0000 0.0000 0.0000 0.0000
York Water Company YORW 0.688 2.3 2.7 3.2 4.6 0.5240 0.5120 0.5040 0.4840 0.4720 0.4480 0.4160 0.3867 0.3600 0.3467 0.3333 0.3200 0.3067
Averages for 176 0.878 8.9 7.9 9.9 11.2 1.2202 1.1200 1.0445 0.9718 0.8620 0.7626 0.6817 0.6057 0.5317 0.4752 0.4211 0.4073 0.3722
Averages for 281 0.923 8.3 7.2 8.9 9.7 1.2388 1.1443 1.0750 1.0068 0.9019 0.8074 0.7276 0.6546 0.5862 0.5359 0.4916 0.4722 0.4380
Contenders Percentage Increase by Year Dividend Growth Model
(and American Depository Receipts) (excluding decreases, division by zero) (based on Earnings Estimates, if available)
10-24 Straight Years Higher Dividends 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Mean 5-year Total
Company Ticker vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. (simpleStandardTweed Confid. Estimated Dividends to be Paid in Year: Est. Payback
Name Symbol 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 average) DeviationFactor Factor 2012 2013 2014 2015 2016 $
A.O. Smith Corp. AOS 11.1 5.2 4.1 5.7 6.1 3.1 3.2 6.9 7.4 3.8 4.0 4.2 5.4 2.2 (10.2) 74.5 0.66 0.73 0.80 0.88 0.97 4.03
ACE Limited ACE 6.3 11.3 5.5 4.8 8.3 9.1 10.0 8.1 8.8 21.4 16.7 20.0 10.9 5.3 (2.6) 66.8 1.37 1.49 1.62 1.75 1.90 8.13
AGL Resources GAS 2.3 2.3 2.4 2.4 10.8 13.8 13.0 3.6 2.8 0.0 0.0 0.0 4.5 4.9 (14.2) 42.4 1.98 2.08 2.18 2.29 2.41 10.95
Airgas Inc. ARG 29.8 34.3 34.6 52.9 25.9 20.0 28.6 45.8 0.0 0.0 0.0 0.0 22.7 18.0 17.5 68.9 1.34 1.48 1.62 1.79 1.96 8.19
Albemarle Corp. ALB 13.4 12.0 4.2 14.3 21.7 11.3 6.0 3.5 4.6 3.8 13.0 15.0 10.2 5.5 0.8 81.3 0.70 0.77 0.84 0.92 1.01 4.23
Alliance Resource Partner ARLP 13.2 8.6 16.6 15.0 14.6 21.9 26.6 18.5 5.0 0.0 0.0 769.6 75.8 209.3 9.2 63.4 3.79 4.06 4.34 4.65 4.97 21.81
Alterra Capital Holdings LtdALTE 23.8 10.5 5.6 12.5 33.3 33.3 50.0 33.3 12.5 300.0 0.0 0.0 42.9 78.9 9.5 69.6 0.53 0.58 0.63 0.69 0.75 3.18
Analog Devices Inc. ADI 12.8 7.5 2.6 8.3 20.0 66.7 63.6 450.0 0.0 0.0 0.0 0.0 52.6 121.9 (5.5) 64.9 1.07 1.17 1.29 1.42 1.56 6.51
Andersons Inc. (The) ANDE 23.1 2.9 6.9 47.7 23.9 7.6 6.5 6.9 11.5 0.0 8.3 20.0 13.8 12.6 12.1 80.9 0.47 0.52 0.57 0.62 0.69 2.87
AptarGroup Inc. ATR 21.2 10.0 7.1 12.0 19.0 20.0 59.1 76.0 4.2 9.1 10.0 11.1 21.6 21.4 (4.5) 73.9 0.88 0.97 1.06 1.16 1.27 5.34
Aqua America Inc. WTR 6.8 7.3 7.8 6.3 8.2 11.1 8.7 7.5 6.0 6.5 7.4 10.3 7.8 1.5 (13.5) 62.1 0.69 0.74 0.79 0.85 0.91 3.98
Arrow Financial Corp. AROW 6.1 3.0 1.8 5.4 3.0 5.2 6.4 9.7 10.6 14.3 13.9 13.2 7.7 4.3 (5.3) 50.3 1.01 1.07 1.15 1.23 1.31 5.77
Artesian Resources ARTNA 1.3 4.2 2.2 6.5 8.2 5.7 4.9 3.9 3.3 4.5 1.4 3.3 4.1 2.0 (12.7) 39.5 0.78 0.82 0.86 0.91 0.95 4.32
Atlantic Tele Network Inc. ATNI 8.5 10.8 12.1 13.8 16.0 11.1 9.8 10.8 12.1 6.5 14.8 12.5 11.6 2.5 (1.9) 54.9 0.89 0.92 0.95 0.98 1.01 4.74
Atmos Energy ATO 1.5 1.5 1.5 1.6 1.6 1.6 1.6 1.7 1.7 1.7 1.7 3.2 1.7 0.4 (10.3) 46.6 1.47 1.55 1.63 1.72 1.81 8.18
Atrion Corp. ATRI 16.7 18.2 22.2 22.7 18.9 19.4 19.2 116.7 0.0 0.0 0.0 0.0 21.2 30.2 2.1 52.7 1.87 1.93 1.99 2.05 2.11 9.95
Auburn National Bancorp AUBN 2.6 2.6 2.7 5.7 9.4 10.3 16.0 4.2 9.1 10.0 0.0 25.0 8.1 6.7 (4.6) 43.4 0.82 0.85 0.87 0.90 0.93 4.37
Avista Corp. AVA 10.0 23.5 17.4 16.0 4.4 4.6 5.8 5.1 2.1 0.0 0.0 0.0 7.4 7.4 2.3 64.2 1.21 1.26 1.32 1.38 1.44 6.62
Avon Products Inc. AVP 4.5 4.8 5.0 8.1 5.7 6.1 17.9 33.3 5.0 5.3 2.7 2.8 8.4 8.4 (15.5) 48.3 1.01 1.01 1.01 1.01 1.01 5.06
Axis Capital Holdings Ltd. AXS 9.5 5.0 8.1 12.1 10.0 4.3 29.2 535.7 0.0 0.0 0.0 0.0 51.2 146.3 4.3 62.6 0.95 1.05 1.15 1.27 1.40 5.82
Badger Meter Inc. BMI 15.4 13.0 15.0 17.6 9.7 6.9 5.5 3.8 3.9 2.0 16.3 19.4 10.7 5.9 (6.8) 69.2 0.66 0.73 0.80 0.88 0.97 4.03
BancFirst Corp. OK BANF 8.5 5.6 8.5 10.8 12.1 13.8 12.6 13.2 19.7 5.6 12.5 28.0 12.6 6.0 (0.9) 66.2 1.04 1.14 1.25 1.38 1.52 6.33
Bank of the Ozarks Inc. OZRK 23.3 15.4 4.0 16.3 7.5 8.1 23.3 30.4 48.4 34.8 9.5 5.0 18.8 13.1 (0.4) 67.3 0.39 0.41 0.44 0.47 0.50 2.19
Best Buy Corp. BBY 7.0 1.8 5.7 23.3 26.5 13.3 9.7 36.7 0.0 0.0 0.0 0.0 10.3 11.8 n/a 37.5 0.62 0.64 0.66 0.68 0.70 3.28
BHP Billiton Ltd. BHP 16.1 6.1 17.1 48.9 30.6 28.6 55.6 16.1 19.2 0.0 0.0 34.7 22.8 16.9 14.9 70.4 2.22 2.44 2.69 2.96 3.25 13.57
BHP Billiton plc BBL 16.1 6.1 17.1 48.9 30.6 28.6 55.6 125.0 0.0 0.0 0.0 0.0 27.3 34.7 16.5 61.8 2.22 2.34 2.47 2.61 2.75 12.40
Brown & Brown Inc. BRO 4.0 3.3 6.1 14.0 19.0 23.5 17.2 26.1 27.8 12.5 18.5 17.4 15.8 7.8 (11.6) 62.7 0.36 0.39 0.43 0.48 0.52 2.18
Buckeye Partners LP BPL 5.2 5.5 5.8 6.2 6.6 7.1 7.1 3.9 1.5 2.0 2.1 10.3 5.3 2.4 (74.0) 39.6 4.43 4.71 5.02 5.34 5.68 25.18
Bunge Limited BG 9.1 10.0 11.1 9.1 6.5 10.7 16.7 14.3 9.1 0.0 0.0 0.0 8.0 5.3 (2.5) 67.3 1.06 1.16 1.28 1.41 1.55 6.45
C.H. Robinson Worldwide CHRW 11.5 8.3 9.1 22.2 38.5 73.3 25.0 50.0 33.3 20.0 25.0 14.3 27.5 18.2 (1.1) 74.1 1.28 1.40 1.54 1.70 1.87 7.79
Canadian National Railway CNI 25.4 17.5 2.8 10.4 36.5 19.5 32.7 8.7 16.3 10.3 11.4 16.7 17.4 9.5 4.4 76.6 1.44 1.59 1.75 1.92 2.11 8.82
Canadian Natural ResourceCNQ 19.7 55.9 0.3 16.9 20.8 27.2 16.9 18.3 20.0 66.6 0.0 0.0 21.9 19.8 11.2 80.4 0.38 0.42 0.46 0.51 0.56 2.34
CARBO Ceramics CRR 15.8 8.6 12.9 19.2 18.2 22.2 22.7 15.8 5.6 4.3 15.0 0.0 13.4 7.0 4.1 76.1 0.93 1.03 1.13 1.24 1.37 5.69
Cardinal Health Inc. CAH 10.8 47.5 34.4 23.8 40.0 66.7 50.2 8.9 9.7 11.1 21.8 10.8 28.0 18.7 20.1 80.9 0.90 0.99 1.09 1.20 1.32 5.50
Casey's General Stores IncCASY 40.7 26.6 14.3 21.7 21.1 11.8 13.3 25.0 20.0 25.0 14.3 16.7 20.9 7.7 7.1 79.9 0.63 0.69 0.76 0.83 0.92 3.83
Cass Information Systems ICASS 15.0 9.4 8.2 12.3 9.1 13.8 3.6 10.0 7.5 2.6 0.0 9.6 8.4 4.3 (5.4) 55.1 0.62 0.64 0.66 0.68 0.70 3.32
Caterpillar Inc. CAT 4.7 2.4 7.7 18.2 20.0 20.9 16.7 9.9 1.4 1.4 3.8 6.4 9.4 7.2 3.2 78.5 1.97 2.17 2.39 2.63 2.89 12.05
CCFNB Bancorp Inc. CCFN 5.1 14.6 14.4 9.8 5.1 5.4 5.7 6.1 4.8 6.8 5.4 10.7 7.8 3.5 2.1 50.6 1.28 1.32 1.35 1.40 1.44 6.78
Chesapeake Financial Sha CPKF 10.4 2.4 3.7 15.7 9.0 5.6 7.4 18.9 16.7 8.5 12.6 21.0 11.0 5.8 4.8 57.7 0.41 0.42 0.43 0.45 0.46 2.16
Church & Dwight CHD 119.4 34.8 35.3 13.3 15.4 8.3 5.9 9.7 3.3 5.3 1.8 12.0 22.0 31.2 16.1 76.0 0.75 0.82 0.91 1.00 1.10 4.57
Citizens Financial Services CZFS 4.4 5.1 5.3 5.5 5.4 6.2 6.2 6.5 9.6 7.9 7.5 8.2 6.5 1.5 (1.6) 44.3 1.09 1.12 1.16 1.19 1.23 5.80
Citizens Holding Company CIZN 3.5 4.9 5.2 5.5 5.8 6.2 8.3 5.3 9.6 35.7 27.8 0.0 9.8 10.2 (4.5) 45.1 0.91 0.93 0.96 0.99 1.02 4.81
Communications Systems IJCS 3.4 11.5 8.3 14.3 23.5 25.9 58.8 6.3 0.0 0.0 0.0 0.0 12.7 16.4 (5.3) 46.9 0.66 0.68 0.70 0.72 0.74 3.50
Community Bank System CBU 8.7 4.5 3.5 4.9 5.2 5.5 10.6 10.9 8.2 1.9 5.9 8.5 6.5 2.7 (4.5) 61.6 1.04 1.15 1.26 1.39 1.53 6.37
Computer Services Inc. CSVI 14.6 13.9 9.1 13.8 16.0 19.0 31.3 28.0 13.6 10.0 5.3 26.7 16.8 7.7 (2.4) 55.4 0.48 0.50 0.51 0.53 0.54 2.57
ConocoPhillips COP 22.8 12.6 1.6 14.6 13.9 22.0 31.8 9.8 10.1 5.7 2.9 0.0 12.3 9.1 6.6 69.7 2.09 2.11 2.13 2.15 2.18 10.67
Cracker Barrel Old CountryCBRL 11.0 2.5 8.1 23.3 13.2 8.2 8.9 309.1 450.0 0.0 0.0 0.0 69.5 141.7 (3.2) 67.8 0.96 1.06 1.16 1.28 1.40 5.86
Cullen/Frost Bankers CFR 2.8 4.1 3.0 7.8 16.7 13.3 12.6 10.1 7.4 4.2 10.5 12.6 8.8 4.4 (4.8) 50.3 1.85 1.98 2.12 2.27 2.44 10.66
Donegal Group Inc. A DGICA 3.8 3.4 9.3 14.9 9.3 10.3 10.6 113.6 0.0 0.0 0.0 0.0 14.6 30.3 (25.3) 36.8 0.49 0.50 0.52 0.53 0.55 2.60
Donegal Group Inc. B DGICB 4.3 3.8 10.6 17.4 10.5 9.4 7.2 6.4 8.3 0.0 0.0 1.4 6.6 4.9 (34.5) 34.8 0.44 0.45 0.46 0.48 0.49 2.32
Eagle Bancorp Montana IncEBMT 2.1 2.1 4.0 7.6 9.6 10.5 11.7 17.3 26.1 35.3 142.9 0.0 22.4 37.7 (10.5) 53.0 0.31 0.34 0.38 0.41 0.45 1.90
Ecolab Inc. ECL 12.9 10.7 7.7 13.0 15.0 14.3 9.4 10.3 7.4 3.8 8.3 14.3 10.6 3.3 (22.9) 72.8 0.77 0.85 0.93 1.02 1.13 4.70
Enbridge Inc. ENB 20.1 26.6 4.2 7.9 13.3 8.4 2.9 10.4 9.2 8.6 8.4 8.1 10.7 6.3 (28.7) 67.7 1.09 1.19 1.31 1.44 1.58 6.61
Enterprise Bancorp Inc. EBTC 5.0 5.3 5.6 12.5 14.3 16.7 11.6 13.2 15.2 14.7 15.0 19.0 12.3 4.5 (1.5) 49.2 0.43 0.45 0.46 0.47 0.49 2.30
Enterprise Products Partne EPD 5.3 5.5 5.9 6.8 6.7 8.1 9.8 4.9 8.7 14.8 12.8 10.8 8.3 3.0 (8.7) 54.1 2.48 2.73 3.00 3.30 3.63 15.15
EOG Resources Inc. EOG 4.1 7.0 22.6 40.9 50.0 46.7 30.4 27.8 12.5 3.2 19.2 8.3 22.7 15.9 3.1 74.6 0.70 0.77 0.85 0.93 1.02 4.26
Erie Indemnity Company ERIE 7.3 6.7 2.3 10.0 11.1 10.8 51.2 13.2 11.8 11.5 13.0 12.5 13.4 11.8 (11.8) 59.8 2.27 2.42 2.59 2.78 2.97 13.03
Essex Property Trust ESS 0.6 0.4 3.0 9.9 9.0 3.4 2.2 1.3 3.3 7.9 20.3 10.5 6.0 5.6 (67.1) 31.8 4.19 4.61 5.07 5.58 6.14 25.60
Expeditors International EXPD 25.0 5.3 18.8 14.3 27.3 46.7 36.4 37.5 33.3 20.0 42.9 180.0 40.6 43.6 (2.4) 75.9 0.55 0.61 0.67 0.73 0.81 3.36
Factset Research System I FDS 16.9 14.1 18.2 57.1 82.6 15.0 11.1 17.4 21.0 26.7 42.9 5.0 27.3 21.6 13.0 69.1 1.14 1.26 1.38 1.52 1.67 6.98
Farmers & Merchants BancFMCB 3.6 3.2 6.9 11.5 10.9 8.6 10.1 13.1 10.9 2.8 4.9 4.1 7.5 3.6 (2.0) 41.3 12.00 12.36 12.73 13.11 13.51 63.71
Fastenal Company FAST 25.0 16.7 38.5 18.2 10.0 29.0 55.0 90.5 320.0 11.1 12.5 700.0 110.5 196.0 (9.1) 67.4 0.58 0.64 0.70 0.77 0.85 3.53
FedEx Corp. FDX 8.5 6.8 2.3 10.3 11.4 12.9 14.8 28.6 40.0 0.0 0.0 0.0 11.3 11.7 (5.2) 74.7 0.56 0.62 0.68 0.75 0.82 3.42
First Capital Inc. FCAP 2.7 2.8 1.4 4.4 4.8 15.2 3.3 7.1 7.7 8.3 17.1 0.0 6.2 5.0 (7.5) 41.0 0.78 0.81 0.83 0.86 0.88 4.16
First Financial Corp. THFF 2.2 1.1 2.3 2.3 2.4 5.0 6.7 15.4 8.3 7.1 9.8 161.5 18.7 43.3 (6.0) 44.2 0.94 0.97 1.00 1.03 1.06 4.99
First Keystone Corp. FKYS 4.3 1.1 3.4 1.1 3.7 8.7 11.8 12.2 15.3 10.2 0.0 0.0 6.0 5.2 (6.5) 39.2 1.00 1.03 1.06 1.09 1.12 5.30
First of Long Island Corp. FLIC 8.5 10.8 17.5 11.0 26.1 7.1 16.7 5.9 18.6 13.2 11.8 126.7 22.8 31.8 4.7 66.3 0.92 1.02 1.12 1.23 1.35 5.64
First Robinson Financial CoFRFC 5.9 6.3 6.7 15.4 18.2 10.0 16.3 7.5 17.6 3.0 0.0 0.0 8.9 6.3 6.4 52.1 0.93 0.95 0.98 1.01 1.04 4.92
Flowers Foods FLO 12.9 14.8 17.4 38.0 31.6 23.9 21.1 58.3 800.3 0.0 0.0 3.1 85.1 216.2 2.2 59.6 0.64 0.69 0.74 0.80 0.86 3.72
Franklin Electric Co. FELE 3.9 3.0 1.0 5.3 9.3 13.2 22.6 12.7 7.8 8.5 9.3 11.7 9.0 5.5 (11.4) 66.2 0.58 0.64 0.70 0.77 0.85 3.55
General Dynamics GD 11.6 10.1 11.2 21.8 23.6 14.1 11.4 11.1 6.8 7.3 7.8 8.5 12.1 5.2 9.1 75.0 1.92 2.09 2.28 2.48 2.70 11.47
Graco Inc. GGG 5.0 5.3 2.7 12.1 13.8 11.5 39.3 69.2 14.1 8.7 7.2 27.3 18.0 18.3 (12.5) 65.3 0.92 1.01 1.10 1.20 1.31 5.54
Harris Corp. HRS 12.8 11.9 20.0 34.6 36.8 35.7 27.3 22.2 38.5 30.0 0.0 0.0 22.5 13.2 16.2 68.9 1.09 1.12 1.16 1.20 1.24 5.82
HCC Insurance Holdings HCC 7.3 7.8 12.1 11.0 17.1 32.9 27.4 8.8 12.2 4.5 15.7 10.5 13.9 8.1 2.0 64.9 0.60 0.64 0.68 0.72 0.77 3.41
Healthcare Services Group HCSG 6.3 20.6 27.6 38.1 37.0 66.3 57.6 203.8 0.0 0.0 0.0 0.0 38.1 54.7 (6.8) 51.4 0.70 0.77 0.84 0.93 1.02 4.25
Hingham Institution for Sav HIFS 7.0 7.5 4.9 2.0 1.0 1.0 6.5 4.5 10.0 9.6 14.1 18.5 7.2 5.0 (3.9) 51.2 1.27 1.30 1.34 1.38 1.43 6.73
Imperial Oil Ltd. IMO 5.5 11.8 3.3 3.4 9.4 2.1 6.8 1.1 3.6 1.8 5.8 4.0 4.9 3.0 (3.3) 66.5 0.45 0.48 0.50 0.52 0.55 2.50
Infinity Property & CasualtyIPCC 28.6 16.7 9.1 22.2 20.0 25.0 9.1 33.3 0.0 0.0 0.0 0.0 13.7 11.7 1.2 67.1 0.79 0.87 0.95 1.04 1.14 4.79
International Business Mac IBM 16.0 16.3 13.2 26.7 36.4 41.0 11.4 11.1 6.8 7.3 7.8 8.5 16.9 11.1 9.0 80.2 3.19 3.50 3.85 4.24 4.66 19.45
International Flavors & Fr IFF 9.8 2.0 6.4 9.3 16.2 2.8 7.5 8.1 3.3 0.0 0.0 0.0 5.4 4.8 (7.1) 60.6 1.21 1.29 1.38 1.47 1.56 6.91
J.M. Smucker Co. SJM 18.7 13.1 8.7 6.8 6.3 4.7 8.2 10.1 23.6 12.5 1.6 6.8 10.1 5.9 (7.8) 70.0 2.01 2.17 2.34 2.53 2.74 11.79
Jack Henry & Associates JKHY 10.5 11.8 13.3 15.4 18.2 22.2 12.5 14.3 0.0 16.7 20.0 25.0 15.0 6.2 (5.7) 72.8 0.46 0.51 0.56 0.61 0.68 2.82
John Wiley & Sons Inc. JW-A 20.0 11.1 12.5 14.3 10.5 15.2 17.9 21.7 21.1 11.8 11.8 10.9 14.9 4.0 1.4 65.7 0.76 0.78 0.80 0.83 0.85 4.02
Juniata Valley Financial JUVF 4.9 5.1 5.4 5.7 6.1 8.2 7.0 14.0 13.6 10.0 6.0 6.4 7.7 3.1 (8.4) 41.0 0.89 0.91 0.94 0.97 1.00 4.70
Kinder Morgan Energy PartKMP 6.0 2.9 8.0 14.7 5.0 5.2 9.3 9.1 9.1 13.7 35.0 10.8 10.7 8.0 (69.6) 42.3 5.04 5.54 6.10 6.71 7.38 30.76
Landmark Bancorp Inc. LARK 5.0 5.0 5.0 5.0 14.0 8.1 5.0 8.2 13.6 6.7 0.0 0.0 6.3 4.2 1.2 48.8 0.75 0.77 0.79 0.81 0.84 3.96
Lincoln Electric Holdings LECO 10.7 3.7 8.0 13.6 15.8 5.6 7.5 4.7 6.7 1.7 5.4 16.7 8.3 4.6 (2.3) 78.6 0.68 0.75 0.83 0.91 1.00 4.16
Lindsay Corp. LNN 6.1 6.5 6.9 7.4 8.0 8.7 9.5 23.5 21.4 0.0 0.0 7.7 8.8 6.8 (13.0) 64.6 0.35 0.39 0.43 0.47 0.52 2.16
Linear Technology Corp. LLTC 4.3 4.5 4.8 16.7 20.0 50.0 25.0 39.1 21.1 26.7 36.4 41.9 24.2 14.7 (6.5) 53.2 1.06 1.13 1.20 1.28 1.37 6.03
Lyons Bancorp Inc. LYBC 7.9 7.7 3.5 4.6 8.0 16.3 14.7 29.3 41.5 46.4 0.0 0.0 15.0 15.1 1.7 52.5 0.93 0.96 0.99 1.02 1.05 4.96
Magellan Midstream PartneMMP 7.1 2.4 4.3 9.2 9.1 16.3 14.3 12.2 18.9 79.9 0.0 0.0 14.5 20.6 (9.9) 54.8 3.41 3.67 3.95 4.25 4.57 19.85
Matthews International MATW 13.8 9.4 8.2 8.9 9.8 10.8 12.1 33.1 17.0 5.0 4.1 6.0 11.5 7.4 (2.7) 76.2 0.36 0.39 0.43 0.47 0.52 2.17
Maxim Integrated Products MXIM 4.9 2.5 3.2 12.7 22.2 32.4 25.0 54.5 1000.0 0.0 0.0 0.0 96.5 272.9 (10.6) 52.0 0.95 1.04 1.14 1.26 1.39 5.78
McGrath Rentcorp MGRC 2.2 4.1 10.3 11.4 12.9 17.0 23.3 10.3 14.7 9.7 14.8 17.4 12.3 5.5 (1.0) 64.1 1.01 1.11 1.22 1.34 1.47 6.14
MDU Resources MDU 3.2 1.6 5.1 7.3 6.8 5.8 5.8 6.2 4.8 4.5 4.7 4.9 5.1 1.5 (10.4) 56.0 0.72 0.77 0.84 0.91 0.99 4.23
Meredith Corp. MDP 24.7 2.2 4.7 16.2 15.6 14.3 16.7 26.3 5.6 5.9 6.3 6.7 12.1 7.7 3.0 64.4 1.16 1.27 1.39 1.51 1.66 6.98
Met-Pro Corp. MPR 9.3 2.5 6.7 8.2 7.9 7.7 7.1 7.8 6.5 1.5 6.3 0.0 6.0 2.8 (9.4) 66.8 0.30 0.33 0.36 0.39 0.43 1.81
Microchip Technology Inc. MCHP 1.2 1.0 2.3 15.4 29.2 97.8 160.1 76.5 390.0 0.0 0.0 0.0 64.5 109.7 (9.0) 40.6 1.52 1.68 1.84 2.03 2.23 9.31
MOCON Inc. MOCO 5.3 4.2 9.1 6.5 3.3 7.1 7.7 2.0 6.3 0.0 11.6 7.5 5.9 3.0 (14.3) 41.7 0.41 0.42 0.43 0.44 0.46 2.16
Monsanto Company MON 6.0 3.9 24.7 50.9 37.5 17.6 23.6 10.0 4.2 6.7 0.0 0.0 15.4 15.4 3.2 72.7 1.25 1.38 1.52 1.67 1.84 7.66
Murphy Oil Corp. MUR 4.8 5.0 14.3 29.6 28.6 16.7 5.9 6.3 3.2 3.3 3.4 3.6 10.4 9.4 6.0 69.0 1.15 1.27 1.39 1.53 1.69 7.04
National Bankshares NKSH 9.9 8.3 5.0 5.3 4.1 2.8 10.9 13.3 16.5 12.8 1.2 0.0 7.5 5.0 (2.3) 49.6 1.00 1.03 1.07 1.10 1.13 5.33
National Health Investors NHI 6.3 4.8 2.3 8.6 4.8 6.5 6.0 8.1 3.3 0.0 0.0 0.0 4.2 3.0 (11.5) 39.0 2.61 2.78 2.96 3.14 3.34 14.83
National Instruments Corp. NATI 15.4 8.3 9.1 29.4 41.7 20.0 9.1 175.0 0.0 0.0 0.0 0.0 25.7 46.7 (16.2) 53.3 0.44 0.48 0.53 0.59 0.64 2.69
National Retail Properties NNN 1.3 0.7 1.4 5.7 6.1 1.5 0.8 0.8 0.8 0.8 1.2 0.4 1.8 1.9 (24.6) 40.0 1.68 1.74 1.80 1.86 1.92 9.00
New Jersey Resources NJR 5.9 9.7 13.4 7.9 5.6 5.9 4.6 4.8 3.3 2.3 2.3 2.4 5.7 3.2 (8.1) 52.9 1.49 1.53 1.58 1.63 1.69 7.93
NextEra Energy NEE 10.0 5.8 6.2 8.5 9.3 5.6 9.2 8.3 3.4 3.6 3.7 3.8 6.5 2.4 (1.6) 68.0 2.40 2.54 2.68 2.83 3.00 13.45
Nike Inc. NKE 10.7 9.8 8.5 19.7 20.8 22.6 24.7 37.1 24.0 4.2 0.0 0.0 15.2 10.9 (5.3) 75.1 1.36 1.50 1.65 1.82 2.00 8.33
Nippon Telegraph & Telep NTT 18.8 10.7 23.6 38.9 26.9 18.6 0.4 22.4 12.7 3.1 0.0 0.0 14.7 11.9 17.0 73.5 0.87 0.95 1.04 1.14 1.25 5.24
Norfolk Southern NSC 18.6 2.9 11.5 27.1 41.2 41.7 33.3 20.0 15.4 8.3 0.0 0.0 18.3 14.2 9.9 80.8 1.83 2.01 2.21 2.43 2.67 11.15
Northeast Indiana Bancorp NIDB 2.9 3.0 0.8 2.3 0.8 4.9 7.0 7.5 8.2 8.9 9.8 18.7 6.2 4.8 (0.9) 38.9 0.73 0.75 0.77 0.79 0.82 3.86
Northeast Utilities NU 7.3 7.9 15.2 6.5 6.9 7.4 8.0 8.7 9.5 16.7 12.5 300.0 33.9 80.3 (8.0) 65.3 1.21 1.28 1.35 1.43 1.51 6.78
Norwood Financial NWFL 3.6 3.7 8.0 8.7 12.2 19.6 5.9 6.2 9.1 10.0 17.7 21.4 10.5 5.8 1.1 47.9 1.19 1.23 1.27 1.31 1.34 6.34
Novartis AG NVS 18.4 15.5 16.9 36.1 20.9 3.6 7.1 15.2 34.1 4.1 0.0 0.0 14.3 11.6 8.8 57.3 2.42 2.46 2.49 2.52 2.56 12.45
Novo Nordisk A/S NVO 34.1 36.0 17.0 45.2 26.1 15.0 12.8 42.4 41.9 15.9 0.0 157.3 37.0 38.7 5.2 69.3 2.07 2.28 2.51 2.76 3.04 12.67
NTT DoCoMo Inc. DCM 15.6 9.9 15.4 22.3 20.7 31.8 37.9 110.5 992.1 0.0 0.0 0.0 104.7 269.1 8.9 60.3 0.71 0.75 0.80 0.86 0.91 4.03
Nu Skin Enterprises Inc. NUS 18.0 8.7 4.5 4.8 5.0 11.1 12.5 14.3 16.7 20.0 0.0 0.0 9.6 6.6 (3.1) 74.6 0.65 0.71 0.79 0.86 0.95 3.96
NuStar Energy LP NS 1.6 0.7 5.6 6.6 6.4 6.9 5.1 8.6 9.4 140.7 0.0 0.0 16.0 37.7 n/a 38.3 4.77 5.12 5.49 5.89 6.31 27.59
Occidental Petroleum OXY 19.7 12.2 8.3 28.7 17.5 24.0 17.3 5.8 4.0 0.0 0.0 0.0 11.5 9.5 8.7 81.5 1.91 2.10 2.31 2.55 2.80 11.68
Oil-Dri Corp. of America ODC 6.5 6.9 7.4 8.0 15.7 20.0 9.8 10.8 2.8 0.0 0.0 0.0 7.3 6.0 (5.9) 45.6 0.68 0.70 0.72 0.74 0.77 3.61
Omega Healthcare Investo OHI 13.1 14.2 0.8 10.2 12.5 12.9 18.1 380.0 0.0 0.0 0.0 0.0 38.5 103.2 (8.8) 44.9 1.65 1.72 1.79 1.86 1.94 8.96
ONEOK Inc. OKE 18.7 11.0 5.1 11.4 14.8 11.9 23.9 27.5 11.3 0.0 0.0 0.0 11.3 8.7 (12.4) 68.2 1.19 1.30 1.43 1.56 1.71 7.19
Owens & Minor Inc. OMI 13.2 15.2 15.0 17.6 13.3 15.4 18.2 25.7 12.9 13.8 10.1 7.6 14.8 4.3 2.8 75.7 0.87 0.94 1.01 1.10 1.18 5.10
PartnerRe Limited PRE 14.6 9.0 2.2 7.0 7.5 5.3 11.8 13.3 4.3 4.5 5.8 4.0 7.4 3.8 3.8 64.8 2.37 2.59 2.83 3.09 3.38 14.26
People's United Financial PBCT 1.6 1.6 4.1 12.4 12.4 13.7 13.5 10.7 7.6 6.1 11.7 16.5 9.3 4.8 (7.3) 58.2 0.69 0.76 0.84 0.92 1.01 4.21
Plains All American Pipelin PAA 4.0 3.6 3.6 6.5 14.4 11.5 11.8 5.3 3.5 8.4 6.8 0.0 6.6 4.0 (3.9) 50.5 3.94 4.14 4.35 4.58 4.81 21.83
Polaris Industries PII 12.5 2.6 2.6 11.8 9.7 10.7 21.7 48.4 10.7 12.0 13.6 10.0 13.9 11.4 (10.7) 74.0 0.99 1.09 1.20 1.32 1.45 6.04
PPL Corp. PPL 0.4 1.1 3.0 9.8 10.9 14.6 17.1 6.5 6.9 35.8 0.0 6.0 9.3 9.5 (0.1) 53.3 1.44 1.45 1.46 1.48 1.49 7.32
Praxair Inc. PX 11.1 12.5 6.7 25.0 20.0 38.9 20.0 31.1 20.4 11.8 9.7 10.7 18.2 9.3 (1.9) 78.2 2.20 2.42 2.66 2.93 3.22 13.43
Prosperity Bancshares PB 12.9 12.7 10.0 11.1 12.5 21.2 14.8 18.6 3.2 23.7 18.8 540.0 58.3 145.3 0.1 76.9 0.74 0.80 0.87 0.95 1.03 4.39
Qualcomm Inc. QCOM 12.8 10.4 8.1 14.8 20.0 32.4 51.1 87.5 0.0 0.0 0.0 0.0 19.8 25.1 (5.9) 72.8 0.92 1.01 1.11 1.22 1.34 5.61
Realty Income Corp. O 0.5 0.7 0.9 3.7 8.1 8.8 5.7 10.0 2.6 2.6 2.7 2.8 4.1 3.1 (39.3) 36.5 1.88 1.97 2.07 2.17 2.28 10.37
RenaissanceRe Holdings RNR 4.0 4.2 4.3 4.5 4.8 5.0 11.1 20.0 5.6 6.6 6.7 7.1 7.0 4.4 (2.7) 55.4 1.07 1.18 1.29 1.42 1.55 6.51
Republic Bancorp KY RBCAA 7.8 8.5 9.3 11.5 17.0 18.5 20.5 22.0 21.1 18.8 16.3 27.9 16.6 5.9 9.2 73.8 0.61 0.67 0.74 0.81 0.89 3.73
Republic Services Inc. RSG 6.5 1.3 8.6 42.9 26.7 16.0 66.7 400.0 0.0 0.0 0.0 0.0 47.4 108.2 4.4 61.3 0.89 0.95 1.01 1.08 1.15 5.07
Ritchie Brothers AuctioneerRBA 6.1 7.9 11.8 13.3 15.4 34.5 56.8 146.7 0.0 0.0 0.0 0.0 24.4 40.3 (10.8) 59.2 0.48 0.53 0.58 0.64 0.70 2.92
Rollins Inc. ROL 16.7 28.6 11.1 26.0 19.0 26.0 25.0 20.1 50.1 0.0 0.0 0.0 18.5 14.0 (10.4) 65.0 0.30 0.33 0.37 0.40 0.44 1.84
Roper Industries Inc. ROP 15.8 15.2 13.8 11.5 10.6 11.9 7.1 11.4 6.0 10.7 7.1 7.7 10.7 3.1 (8.4) 77.4 0.48 0.53 0.59 0.64 0.71 2.95
Ross Stores Inc. ROST 37.5 45.5 15.8 26.7 25.0 14.3 22.1 48.3 20.8 11.6 13.2 15.2 24.7 12.1 9.0 77.1 0.48 0.53 0.59 0.64 0.71 2.95
Royal Gold Inc. RGLD 22.2 12.5 14.3 7.7 18.2 10.0 33.3 50.0 33.3 50.0 0.0 0.0 21.0 16.6 (39.1) 63.4 0.48 0.53 0.59 0.64 0.71 2.95
SCANA Corp. SCG 1.8 1.3 2.7 4.6 5.5 7.5 6.6 5.9 6.7 7.4 4.4 0.0 4.5 2.4 (8.4) 45.5 2.05 2.15 2.25 2.36 2.47 11.28
SEI Investments Company SEIC 15.8 18.8 6.7 15.4 13.0 9.5 10.5 46.2 18.2 22.2 22.7 144.5 28.6 36.2 (4.9) 68.2 0.24 0.27 0.29 0.32 0.35 1.48
Shaw Communications Inc.SJR 8.7 15.8 13.8 19.5 109.9 109.3 11.8 100.0 120.0 0.0 0.0 66.7 48.0 46.8 21.8 54.2 0.93 0.97 1.00 1.04 1.08 5.02
South Jersey Industries SJI 10.5 13.9 10.2 10.2 8.9 5.9 4.9 5.2 2.7 1.4 1.4 1.4 6.4 4.1 (2.0) 71.5 1.64 1.75 1.88 2.01 2.15 9.43
Southern Company SO 3.9 4.0 4.2 4.2 3.9 4.1 4.2 2.2 2.2 1.1 0.0 0.0 2.8 1.6 (9.9) 50.5 2.00 2.11 2.22 2.34 2.47 11.14
Southside Bancshares SBSI 8.1 29.8 13.2 14.0 12.2 3.7 18.3 18.0 35.0 17.6 32.5 4.9 17.3 9.9 8.3 56.4 0.67 0.68 0.69 0.71 0.72 3.46
Span-America Medical Sys SPAN 7.5 8.1 5.7 9.4 52.4 23.5 13.3 7.1 12.0 4.2 4.3 15.0 13.5 12.8 7.9 57.8 0.45 0.47 0.48 0.49 0.51 2.40
StanCorp Financial Group SFG 3.5 7.5 6.7 4.2 10.8 4.0 25.0 42.9 75.0 33.3 11.1 125.0 29.1 35.4 (0.4) 65.3 0.98 1.08 1.18 1.30 1.43 5.98
Stryker Corp. SYK 20.0 20.0 51.5 50.0 100.0 22.2 28.6 16.7 20.0 25.0 23.1 8.3 32.1 23.8 32.6 79.7 0.79 0.86 0.95 1.05 1.15 4.79
Suburban Propane Partner SPH 1.2 2.7 4.4 10.2 13.9 2.0 1.6 3.8 2.2 3.4 5.4 3.6 4.5 3.6 (17.9) 34.5 3.75 3.84 3.92 4.01 4.10 19.63
Sunoco Logistics Partners SXL 7.0 9.9 12.1 10.2 9.9 17.5 11.0 16.7 71.3 0.0 0.0 0.0 13.8 18.3 0.2 52.2 1.63 1.71 1.80 1.89 1.99 9.03
Syngenta AG SYT 38.8 5.1 11.7 55.1 19.9 22.2 55.1 114.1 32.2 0.0 0.0 0.0 29.5 31.9 8.8 64.0 1.71 1.84 1.98 2.13 2.29 9.94
Tanger Factory Outlet CentSKT 2.8 1.1 1.8 5.6 5.8 4.9 2.8 1.3 0.4 0.5 0.4 0.6 2.3 2.0 (59.9) 39.3 0.87 0.96 1.06 1.16 1.28 5.33
TC Pipelines LP TCP 3.4 2.4 3.4 8.2 10.3 1.1 2.2 4.7 4.9 5.1 6.8 0.0 4.4 2.8 (4.1) 36.2 3.20 3.33 3.46 3.60 3.75 17.35
Teche Holding Co. TSH 1.4 0.7 1.8 6.9 13.6 16.3 19.5 29.1 27.0 0.0 0.0 0.0 9.7 10.5 (2.7) 46.3 1.47 1.51 1.56 1.61 1.65 7.80
Teva Pharmaceutical IndustTEVA 20.5 23.6 20.3 30.6 25.8 13.8 34.2 23.4 79.6 39.8 57.0 49.3 34.8 18.1 15.5 71.1 0.98 1.06 1.15 1.25 1.36 5.79
Thomasville Bancshares In THVB 8.3 9.1 10.0 25.0 33.3 20.0 8.7 2.2 12.5 14.3 16.7 0.0 13.3 9.0 4.6 44.1 0.67 0.69 0.71 0.73 0.75 3.55
Thomson Reuters Corp. TRI 6.9 3.6 3.7 10.2 11.4 11.4 4.6 4.1 2.8 0.7 2.2 4.2 5.5 3.5 n/a 38.9 1.31 1.41 1.52 1.63 1.76 7.63
Tiffany & Company TIF 24.1 27.9 6.3 36.2 30.6 28.6 27.3 22.2 12.5 0.0 14.3 33.3 21.9 10.8 8.5 77.3 1.19 1.31 1.44 1.58 1.74 7.25
TJX Companies Inc. TJX 26.3 21.3 11.9 23.5 25.9 20.0 32.4 25.9 20.0 28.6 12.9 14.8 22.0 6.1 2.5 77.4 0.40 0.44 0.48 0.53 0.58 2.42
UMB Financial Corp. UMBF 5.4 5.7 11.1 14.5 7.8 15.9 4.8 5.0 1.2 3.7 2.3 7.5 7.1 4.4 (5.2) 61.5 0.79 0.84 0.89 0.94 0.99 4.44
Unilever NV UN 11.3 2.6 2.2 6.6 21.8 1.9 11.2 8.2 33.2 16.2 3.7 0.0 9.9 9.4 (7.0) 50.9 1.25 1.33 1.42 1.51 1.60 7.11
Unilever plc UL 11.3 11.0 0.6 1.5 14.9 6.8 10.2 17.8 11.0 15.8 4.1 0.0 8.7 5.8 (8.7) 50.1 1.25 1.31 1.38 1.44 1.51 6.90
United Technologies UTX 9.7 10.4 14.5 17.0 12.2 16.5 25.7 23.3 15.8 8.9 9.1 11.5 14.5 5.2 1.8 80.9 2.05 2.26 2.48 2.73 3.00 12.52
UNS Energy Corp. UNS 7.7 34.5 20.8 6.7 7.1 10.5 18.8 6.7 20.0 25.0 25.0 0.0 15.2 9.8 2.9 63.3 1.85 1.95 2.06 2.17 2.29 10.31
Urstadt Biddle Properties UBA 1.0 1.0 1.1 3.3 2.2 2.3 2.3 2.4 2.4 2.5 2.6 2.6 2.1 0.7 (30.0) 34.6 1.08 1.13 1.19 1.25 1.31 5.96
Valmont Industries VMI 9.5 12.5 19.1 17.5 11.1 9.1 3.1 3.2 10.7 7.7 0.0 0.0 8.6 6.0 2.1 81.6 0.76 0.83 0.92 1.01 1.11 4.63
Vector Group Ltd. VGR 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 28.9 5.0 103.1 15.2 27.3 (51.0) 41.4 1.54 1.70 1.87 2.05 2.26 9.42
W.P. Carey & Co. LLC WPC 5.5 1.6 2.6 4.2 2.6 1.8 1.8 1.1 0.9 1.1 0.7 1.2 2.1 1.4 (13.9) 33.3 2.20 2.26 2.33 2.40 2.47 11.66
W.R. Berkley Corp. WRB 11.1 12.5 4.3 15.0 25.0 20.0 7.1 2.4 16.0 1.9 0.0 0.0 9.6 7.9 2.1 71.4 0.31 0.34 0.37 0.41 0.45 1.89
Watsco Inc. WSO 9.3 7.9 8.0 33.6 37.9 53.2 63.2 90.0 73.9 15.0 0.0 0.0 32.7 29.7 (4.9) 67.5 2.45 2.70 2.97 3.26 3.59 14.98
West Pharmaceutical Servi WST 6.2 6.6 7.0 7.5 8.2 8.9 5.9 4.9 6.6 4.1 5.8 6.2 6.5 1.3 (12.1) 69.3 0.75 0.82 0.90 0.99 1.09 4.56
Westamerica Bancorp WABC 0.7 2.1 1.4 2.2 4.6 6.6 10.9 10.0 11.1 9.8 10.8 12.1 6.9 4.2 (9.8) 43.2 1.48 1.56 1.65 1.75 1.85 8.30
Westwood Holdings Group WHG 4.5 10.0 4.3 43.7 90.5 27.3 73.7 111.1 350.0 0.0 0.0 0.0 59.6 95.1 11.0 38.9 1.42 1.46 1.51 1.55 1.60 7.55
Xilinx Inc. XLNX 14.1 10.3 7.4 20.0 32.4 30.8 73.3 0.0 0.0 0.0 0.0 0.0 15.7 20.8 0.9 61.9 0.80 0.88 0.97 1.07 1.18 4.90
York Water Company YORW 2.3 1.6 4.1 2.5 5.4 7.7 7.6 7.4 3.8 4.0 4.2 4.3 4.6 2.0 (19.8) 40.2 0.58 0.61 0.65 0.69 0.73 3.25
Averages for 176 8.9 7.2 7.5 12.7 13.0 11.9 12.5 13.9 11.9 12.8 3.4 9.4 10.4 3.0 (6.7) 63.1 1.34 1.47 1.62 1.78 1.95 8.17
Averages for 281 8.3 6.4 6.8 11.6 11.7 11.0 11.1 11.7 9.4 9.0 4.1 7.8 9.1 2.4 (7.0) 66.8 1.36 1.47 1.59 1.73 1.87 8.02
Contenders
(and American Depository Receipts)
10-24 Straight Years Higher Dividends
5-year Total
Company Ticker
Est. Payback
Name Symbol %
A.O. Smith Corp. AOS 7.4
ACE Limited ACE 11.0
AGL Resources GAS 27.6
Airgas Inc. ARG 9.9
Albemarle Corp. ALB 7.7
Alliance Resource Partner ARLP 35.2
Alterra Capital Holdings LtdALTE 13.9
Analog Devices Inc. ADI 16.4
Andersons Inc. (The) ANDE 7.1
AptarGroup Inc. ATR 10.5
Aqua America Inc. WTR 15.9
Arrow Financial Corp. AROW 23.6
Artesian Resources ARTNA 19.5
Atlantic Tele Network Inc. ATNI 12.6
Atmos Energy ATO 23.4
Atrion Corp. ATRI 4.6
Auburn National Bancorp AUBN 20.5
Avista Corp. AVA 26.1
Avon Products Inc. AVP 32.8
Axis Capital Holdings Ltd. AXS 17.1
Badger Meter Inc. BMI 11.9
BancFirst Corp. OK BANF 15.3
Bank of the Ozarks Inc. OZRK 6.8
Best Buy Corp. BBY 18.5
BHP Billiton Ltd. BHP 20.6
BHP Billiton plc BBL 21.1
Brown & Brown Inc. BRO 8.3
Buckeye Partners LP BPL 50.9
Bunge Limited BG 10.1
C.H. Robinson Worldwide CHRW 13.8
Canadian National Railway CNI 9.6
Canadian Natural ResourceCNQ 7.7
CARBO Ceramics CRR 8.1
Cardinal Health Inc. CAH 13.9
Casey's General Stores IncCASY 6.8
Cass Information Systems ICASS 8.3
Caterpillar Inc. CAT 14.1
CCFNB Bancorp Inc. CCFN 19.0
Chesapeake Financial Sha CPKF 15.1
Church & Dwight CHD 8.3
Citizens Financial Services CZFS 12.9
Citizens Holding Company CIZN 24.5
Contenders
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Communications Systems IJCS 31.1
Community Bank System CBU 22.7
Computer Services Inc. CSVI 8.4
ConocoPhillips COP 18.8
Cracker Barrel Old CountryCBRL 9.3
Cullen/Frost Bankers CFR 19.2
Donegal Group Inc. A DGICA 18.1
Donegal Group Inc. B DGICB 12.9
Eagle Bancorp Montana IncEBMT 18.5
Ecolab Inc. ECL 7.3
Enbridge Inc. ENB 16.8
Enterprise Bancorp Inc. EBTC 14.5
Enterprise Products Partne EPD 28.4
EOG Resources Inc. EOG 3.9
Erie Indemnity Company ERIE 20.4
Essex Property Trust ESS 16.8
Expeditors International EXPD 9.2
Factset Research System I FDS 7.6
Farmers & Merchants BancFMCB 17.2
Fastenal Company FAST 8.2
FedEx Corp. FDX 3.9
First Capital Inc. FCAP 19.8
First Financial Corp. THFF 16.4
First Keystone Corp. FKYS 21.7
First of Long Island Corp. FLIC 18.8
First Robinson Financial CoFRFC 15.6
Flowers Foods FLO 18.0
Franklin Electric Co. FELE 6.5
General Dynamics GD 17.5
Graco Inc. GGG 11.2
Harris Corp. HRS 12.4
HCC Insurance Holdings HCC 10.3
Healthcare Services Group HCSG 20.1
Hingham Institution for Sav HIFS 10.7
Imperial Oil Ltd. IMO 5.5
Infinity Property & CasualtyIPCC 8.5
International Business Mac IBM 10.0
International Flavors & Fr IFF 11.4
J.M. Smucker Co. SJM 13.9
Jack Henry & Associates JKHY 7.6
John Wiley & Sons Inc. JW-A 8.1
Juniata Valley Financial JUVF 26.6
Contenders
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Kinder Morgan Energy PartKMP 37.2
Landmark Bancorp Inc. LARK 19.0
Lincoln Electric Holdings LECO 10.1
Lindsay Corp. LNN 3.3
Linear Technology Corp. LLTC 18.3
Lyons Bancorp Inc. LYBC 15.7
Magellan Midstream PartneMMP 23.9
Matthews International MATW 7.2
Maxim Integrated Products MXIM 21.3
McGrath Rentcorp MGRC 24.4
MDU Resources MDU 19.6
Meredith Corp. MDP 21.4
Met-Pro Corp. MPR 19.8
Microchip Technology Inc. MCHP 26.8
MOCON Inc. MOCO 14.8
Monsanto Company MON 8.8
Murphy Oil Corp. MUR 13.7
National Bankshares NKSH 16.8
National Health Investors NHI 28.4
National Instruments Corp. NATI 10.4
National Retail Properties NNN 29.0
New Jersey Resources NJR 17.7
NextEra Energy NEE 20.0
Nike Inc. NKE 8.6
Nippon Telegraph & Telep NTT 22.7
Norfolk Southern NSC 15.4
Northeast Indiana Bancorp NIDB 23.9
Northeast Utilities NU 18.0
Norwood Financial NWFL 23.0
Novartis AG NVS 21.1
Novo Nordisk A/S NVO 8.1
NTT DoCoMo Inc. DCM 23.7
Nu Skin Enterprises Inc. NUS 9.5
NuStar Energy LP NS 54.4
Occidental Petroleum OXY 13.7
Oil-Dri Corp. of America ODC 15.8
Omega Healthcare Investo OHI 37.3
ONEOK Inc. OKE 16.1
Owens & Minor Inc. OMI 18.2
PartnerRe Limited PRE 19.4
People's United Financial PBCT 35.2
Plains All American Pipelin PAA 25.2
Contenders
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Polaris Industries PII 8.0
PPL Corp. PPL 25.0
Praxair Inc. PX 12.7
Prosperity Bancshares PB 10.4
Qualcomm Inc. QCOM 9.1
Realty Income Corp. O 24.6
RenaissanceRe Holdings RNR 8.4
Republic Bancorp KY RBCAA 16.5
Republic Services Inc. RSG 18.3
Ritchie Brothers AuctioneerRBA 15.7
Rollins Inc. ROL 7.9
Roper Industries Inc. ROP 2.9
Ross Stores Inc. ROST 4.3
Royal Gold Inc. RGLD 3.4
SCANA Corp. SCG 23.8
SEI Investments Company SEIC 6.8
Shaw Communications Inc.SJR 24.6
South Jersey Industries SJI 18.6
Southern Company SO 24.6
Southside Bancshares SBSI 15.8
Span-America Medical Sys SPAN 14.3
StanCorp Financial Group SFG 19.1
Stryker Corp. SYK 9.0
Suburban Propane Partner SPH 50.7
Sunoco Logistics Partners SXL 19.3
Syngenta AG SYT 14.7
Tanger Factory Outlet CentSKT 15.9
TC Pipelines LP TCP 38.2
Teche Holding Co. TSH 19.9
Teva Pharmaceutical IndustTEVA 14.6
Thomasville Bancshares In THVB 16.0
Thomson Reuters Corp. TRI 26.8
Tiffany & Company TIF 11.7
TJX Companies Inc. TJX 5.3
UMB Financial Corp. UMBF 9.1
Unilever NV UN 20.4
Unilever plc UL 19.2
United Technologies UTX 15.7
UNS Energy Corp. UNS 25.7
Urstadt Biddle Properties UBA 30.5
Valmont Industries VMI 3.7
Vector Group Ltd. VGR 55.4
Contenders
5-year Total
Company Ticker
Est. Payback
Name Symbol %
W.P. Carey & Co. LLC WPC 25.3
W.R. Berkley Corp. WRB 5.1
Watsco Inc. WSO 19.8
West Pharmaceutical Servi WST 9.6
Westamerica Bancorp WABC 17.8
Westwood Holdings Group WHG 20.5
Xilinx Inc. XLNX 14.5
York Water Company YORW 18.4
Averages for 176 16.6

Challengers End-of-month update at: http://dripinvesting.org/Tools/Tools.htm
Dates in Red (right-aligned) indicate last increase more than a year ago (Ex-Div Date &=MultiIncThisYr
5-9 Straight Years Higher Dividends Most Recent Dividend Increase Information SA=Semi-Annual
A. Schulman Inc. SHLM Chemical-Specialty 5 461 - - 24.29 3.13 0.1700 0.1900 11.76 4/17/12 4/19/12 5/1/12 B01
Aaron's Inc. AAN Retail-Rental 9 290 - - 29.87 0.20 0.0130 0.0150 15.38 11/29/11 12/1/11 1/4/12 A04
Accenture plc ACN Business Services 7 379 - - 61.60 2.19 0.4500 0.6750 50.00 10/7/11 10/11/11 11/15/11 MyNv SA,ADR-Ire,@
Acme United Corp. ACU Office Supplies 8 331 - - 10.81 2.59 0.0600 0.0700 16.67 9/29/11 10/3/11 10/24/11 A24
Alliance Financial Corp. ALNC Banking 7 403 - - 36.67 3.49 0.3100 0.3200 3.23 9/14/12 9/18/12 10/2/12 A02
Alliance Holdings GP LP AHGP MLP-Coal 7 398 - - 48.40 5.76 0.6675 0.6975 4.49 8/8/12 8/10/12 8/17/12 B17 &
Alliant Energy Corp. LNT Utility-Electric/Gas 9 295 N N 44.08 4.08 0.4250 0.4500 5.88 1/27/12 1/31/12 2/15/12 B15
Altera Corp. ALTR Technology-Hardware 6 436 - - 37.33 1.07 0.0800 0.1000 25.00 8/8/12 8/10/12 9/4/12 C04
American Equity InvestmentAEL Insurance 9 288 - - 11.56 1.04 0.1000 0.1200 20.00 11/30/11 12/2/11 12/16/11 Dec Div-Annual
American Financial Group IAFG Insurance 7 405 - - 37.56 2.02 0.1750 0.1900 8.57 10/12/12 10/14/12 10/25/12 A25 Est Dates
American Greetings AM Business Services 8 328 N N 14.39 4.17 0.1400 0.1500 7.14 4/7/11 4/11/11 4/21/11 A21
American Science and EngiASEI Security Systems 5 447 - - 59.47 3.36 0.3000 0.5000 66.67 11/17/11 11/21/11 12/1/11 C01 FY Streak
American Water Works AWK Utility-Water 5 470 Y Y 36.87 2.71 0.2300 0.2500 8.70 7/3/12 7/6/12 9/3/12 C03
AmeriGas Partners LP APU MLP-Propane 8 348 - - 42.82 7.47 0.7625 0.8000 4.92 5/8/12 5/10/12 5/18/12 B18 &
Ameriprise Financial Inc. AMP Financial Services 8 347 Y Y 54.91 2.55 0.2800 0.3500 25.00 5/2/12 5/4/12 5/18/12 B18 &
AmerisourceBergen Corp. ABC Drugs 7 380 - - 38.52 1.35 0.1150 0.1300 13.04 11/17/11 11/21/11 12/5/11 C05
AmTrust Financial ServicesAFSI Financial Services 6 429 - - 26.07 1.53 0.0900 0.1000 11.11 6/28/12 7/2/12 7/16/12 A16 10% stock-9/20
Assurant Inc. AIZ Insurance 9 310 - - 35.25 2.38 0.1800 0.2100 16.67 5/25/12 5/29/12 6/12/12 C12
Astrazeneca plc AZN Drugs 9 320 Y Y 46.79 6.09 1.4000 1.4250 1.79 8/8/12 8/10/12 9/10/12 MrSp SA,ADR-UK,@
Bank of Marin Bancorp BMRC Banking 8 361 - - 39.22 1.84 0.1700 0.1800 5.88 7/31/12 8/2/12 8/10/12 B10
Bar Harbor Bankshares BHB Banking 9 323 Y Y 35.75 3.30 0.2900 0.2950 1.72 8/15/12 8/17/12 9/14/12 C14 &
Baxter International Inc. BAX Drugs 6 437 N N 58.68 3.07 0.3350 0.4500 34.33 9/5/12 9/7/12 10/1/12 A01 &
Birner Dental Management BDMS Medical Supplies 8 329 - - 17.70 4.97 0.2000 0.2200 10.00 6/22/11 6/24/11 7/8/11 A08
Boardwalk Pipeline Partne BWP MLP-Natural Gas 7 391 - - 27.03 7.88 0.5300 0.5325 0.47 5/8/12 5/10/12 5/17/12 B17 &
Bob Evans Farms BOBE Restaurants 7 402 Y Y 39.34 2.80 0.2500 0.2750 10.00 8/30/12 9/4/12 9/17/12 C17
BOK Financial Corp. BOKF Banking 8 349 N N 57.57 2.64 0.3300 0.3800 15.15 5/11/12 5/15/12 5/29/12 B29
Brinker International EAT Restaurants 8 372 - - 34.46 2.32 0.1600 0.2000 25.00 9/6/12 9/10/12 9/27/12 C27 FY Streak
Broadridge Financial Soluti BR Financial Services 6 438 - - 23.68 3.04 0.1600 0.1800 12.50 9/12/12 9/14/12 10/1/12 A01
Brookfield Infrastructure P BIP MLP-Energy/Timber 5 456 - - 34.18 4.39 0.3500 0.3750 7.14 2/27/12 2/29/12 3/30/12 C30 ADR-Bermuda
CAE Inc. CAE Aerospace/Defense 5 471 - - 10.25 1.95 0.0400 0.0500 25.00 9/12/12 9/14/12 9/28/12 C28 @ADR-Canada
Campbell Soup Co. CPB Food Processing 7 375 Y Y 35.14 3.30 0.2750 0.2900 5.45 12/23/10 12/27/10 1/31/11 A31
CenterPoint Energy CNP Utility-Electric/Gas 7 386 N N 20.39 3.97 0.1975 0.2025 2.53 2/14/12 2/16/12 3/9/12 C09
Chesapeake Utilities CPK Utility-Gas 9 312 N N 46.83 3.12 0.3450 0.3650 5.80 6/13/12 6/15/12 7/5/12 A05
China Mobile Limited CHL Telecommunications 7 404 - - 53.69 4.06 1.0690 1.0888 1.85 9/4/12 9/6/12 10/9/12 JuOc SA,ADR-HK,@
CMS Energy Corp. CMS Utility-Elec/Gas 6 420 N N 23.07 4.16 0.2100 0.2400 14.29 2/8/12 2/10/12 2/29/12 B29
Coca-Cola Enterprises Inc. CCE Beverages-Non-alcoholic 5 455 - - 29.53 2.17 0.1300 0.1600 23.08 3/7/12 3/9/12 3/22/12 C22
Coca-Cola FEMSA S.A.B. dKOF Beverages-Non-alcoholic 9 309 Y Y 122.05 1.69 1.9679 2.0590 4.63 5/24/12 5/29/12 6/11/12 Jun Annual,ADR-Mex
Columbia Sportswear Co. COLM Apparel 6 409 - - 52.29 1.68 0.2000 0.2200 10.00 5/17/11 5/19/11 6/2/11 C02
Comcast Corp. CMCSA Media 5 459 - - 33.53 1.94 0.1125 0.1625 44.44 4/2/12 4/4/12 4/25/12 A25 Also CMCSK
Compass Minerals Internat CMP Mining 9 300 - - 71.82 2.76 0.4500 0.4950 10.00 2/28/12 3/1/12 3/15/12 C15
ConAgra Foods Inc. CAG Food Processing 5 446 N N 25.11 3.82 0.2300 0.2400 4.35 10/27/11 10/31/11 12/1/11 C01 FY Streak
Costco Wholesale COST Retail-Wholesale 9 308 Y Y 97.87 1.12 0.2400 0.2750 14.58 5/23/12 5/25/12 6/8/12 C08
Covidien plc COV Medical Devices 5 444 Y Y 56.05 1.61 0.2000 0.2250 12.50 10/11/11 10/13/11 11/4/11 B04 ADR-Ireland
Crane Company CR Conglomerate 8 365 N N 37.99 2.95 0.2600 0.2800 7.69 8/29/12 8/31/12 9/11/12 C11
Crestwood Midstream Part CMLP MLP-Natural Gas 6 423 - - 24.60 8.13 0.4900 0.5000 2.04 4/27/12 5/1/12 5/11/12 B11 &
CSX Corp. CSX Railroad 8 352 N N 22.46 2.49 0.1200 0.1400 16.67 5/29/12 5/31/12 6/15/12 C15
Cummins Inc. CMI Machinery 7 400 N N 97.11 2.06 0.4000 0.5000 25.00 8/20/12 8/22/12 9/1/12 C01
CVS Caremark CVS Retail-Drugstores 9 294 N Y 45.55 1.43 0.1250 0.1625 30.00 1/19/12 1/23/12 2/2/12 B02
Daktronics Inc. DAKT Electronics 8 353 - - 9.56 2.41 0.1100 0.1150 4.55 6/12/12 6/14/12 6/25/12 JnDe Semi-ann. Div
Darden Restaurants DRI Restaurants 8 359 Y Y 51.95 3.85 0.4300 0.5000 16.28 7/6/12 7/10/12 8/1/12 B01
DCP Midstream Partners L DPM MLP-Natural Gas 7 396 - - 43.14 6.21 0.6600 0.6700 1.52 8/3/12 8/7/12 8/14/12 B14 &
Deere & Company DE Farm Equipment 9 306 Y Y 75.11 2.45 0.4100 0.4600 12.20 3/28/12 3/30/12 5/1/12 B01
Delta Natural Gas DGAS Utility-Gas 8 366 N Y 19.70 3.65 0.1750 0.1800 2.86 8/29/12 8/31/12 9/15/12 C15
DeVry Inc. DV Education 6 416 - - 19.31 1.55 0.1200 0.1500 25.00 12/6/11 12/8/11 1/10/12 B24 Semi-ann. Div
Digital Realty Trust DLR REIT-Industrial 8 340 - - 74.51 3.92 0.6800 0.7300 7.35 3/13/12 3/15/12 3/30/12 C30
Dominion Resources D Utility-Electric/Gas 9 302 N Y 52.48 4.02 0.4925 0.5275 7.11 2/29/12 3/2/12 3/20/12 C20
Duke Energy Corp. DUK Utility-Elec/Gas 8 367 N N 64.78 4.72 0.7500 0.7650 2.00 8/15/12 8/17/12 9/17/12 C17
Dun & Bradstreet Corp. DNB Publishing 6 421 - - 80.95 1.88 0.3600 0.3800 5.56 2/24/12 2/28/12 3/14/12 C14
Dynex Capital Inc. DX REIT-Mortgage 5 464 - - 10.45 11.10 0.2800 0.2900 3.57 7/3/12 7/6/12 7/31/12 A31 &
Ecology & Environment Inc EEI Waste Management 6 411 - - 12.03 3.99 0.2200 0.2400 9.09 7/14/11 7/18/11 8/5/11 AuDe Semi-ann. Div
Edison International EIX Utility-Electric 9 292 N N 43.79 2.97 0.3200 0.3250 1.56 12/28/11 12/30/11 1/31/12 A31
El Paso Pipeline Partners EPB MLP-Oil&Gas Pipelines 5 468 - - 36.19 6.08 0.5100 0.5500 7.84 7/27/12 7/31/12 8/14/12 B14 &
Enbridge Energy Partners EEP MLP-Oil&Gas Pipelines 6 432 - - 29.46 7.38 0.5325 0.5435 2.07 8/3/12 8/7/12 8/14/12 B14 +EEQ,Canada
Energy Transfer Equity LP ETE MLP-Natural Gas 7 377 - - 43.95 5.69 0.5600 0.6250 11.61 8/3/11 8/5/11 8/19/11 B19
Ensign Group Inc. ENSG Healthcare Facilities 5 451 - - 29.44 0.82 0.0550 0.0600 9.09 12/28/11 12/31/11 1/31/12 A31
Epoch Holding Corp. EPHC Financial Services 5 445 - - 21.06 1.52 0.0600 0.0800 33.33 10/26/11 10/28/11 11/11/11 B11
Equity LifeStyle Properties ELS REIT-Residential 8 343 N N 68.76 2.55 0.3750 0.4375 16.67 3/28/12 3/30/12 4/13/12 A13
EV Energy Partners LP EVEP MLP-Oil&Gas Pipelines 6 433 - - 62.77 4.87 0.7640 0.7650 0.13 8/3/12 8/7/12 8/14/12 B14 &
Evercore Partners Inc. EVR Financial Services 5 449 - - 24.70 3.24 0.1800 0.2000 11.11 11/22/11 11/25/11 12/9/11 C09
Exterran Partners LP EXLP MLP-Oil&Gas Services 6 434 - - 21.30 9.44 0.4975 0.5025 1.01 8/8/12 8/10/12 8/14/12 B14 &
Farmers and Merchants BaFMAO Banking 8 326 - - 20.20 3.76 0.1800 0.1900 5.56 12/23/10 12/28/10 1/20/11 A20 RecDateStreak
Finish Line Inc. (The) FINL Retail-Apparel 5 454 - - 22.96 1.05 0.0500 0.0600 20.00 2/29/12 3/2/12 3/19/12 C19
Flowserve Corp. FLS Machinery 6 422 N N 127.66 1.13 0.3200 0.3600 12.50 3/28/12 3/30/12 4/13/12 A13
Frisch's Restaurants Inc. FRS Restaurants 5 443 - - 33.01 1.94 0.1500 0.1600 6.67 9/22/11 9/26/11 10/10/11 A10 FY Streak
G&K Services Inc. GKSR Business Services 7 388 - - 31.37 2.49 0.1300 0.1950 50.00 4/11/12 4/13/12 4/27/12 A27
Gap Inc. GPS Retail-Clothing 8 344 - - 35.82 1.40 0.1125 0.1250 11.11 4/3/12 4/5/12 4/27/12 A27
General Mills GIS Food Processing 9 316 N N 39.33 3.36 0.3050 0.3300 8.20 7/6/12 7/10/12 8/1/12 B01
Genesis Energy LP GEL MLP-Oil&Gas Pipelines 9 318 - - 32.32 5.69 0.4500 0.4600 2.22 7/30/12 8/1/12 8/14/12 B14 &
Greif Inc. B GEF.B Packaging 8 327 - - 49.90 5.05 0.6200 0.6300 1.61 3/17/11 3/21/11 4/1/11 A01
Guess? Inc. GES Apparel 6 407 - - 26.06 3.07 0.1600 0.2000 25.00 12/6/10 12/8/10 12/23/10 C23
H.J.Heinz Co. HNZ Food Processing 9 313 N Y 55.72 3.70 0.4800 0.5150 7.29 6/21/12 6/24/12 7/10/12 A10
Hanover Insurance Group THG Insurance 7 382 - - 35.69 3.36 0.2750 0.3000 9.09 11/25/11 11/29/11 12/13/11 C13
Hasbro Inc. HAS Recreation 9 307 N N 37.51 3.84 0.3000 0.3600 20.00 4/27/12 5/1/12 5/15/12 B15
Hawkins Inc. HWKN Chemical-Specialty 8 373 N N 38.62 1.76 0.3200 0.3400 6.25 9/19/12 9/21/12 10/5/12 ApOc Semi-ann. Div
Health Care REIT Inc. HCN REIT-Health Care 5 452 N N 58.44 5.07 0.7150 0.7400 3.50 2/3/12 2/7/12 2/21/12 B21
HEICO Corp. HEI Aerospace/Defense 5 463 - - 34.84 0.34 0.0480 0.0600 25.00 7/5/12 7/9/12 7/23/12 JaJl Semi-ann. Div
Hillenbrand Inc. HI Funeral Products 5 450 - - 18.12 4.25 0.1900 0.1925 1.32 12/14/11 12/16/11 12/30/11 C30 FY Streak
Holly Energy Partners LP HEP MLP-Oil&Gas Pipelines 8 363 - - 67.45 5.40 0.8950 0.9100 1.68 8/3/12 8/5/12 8/14/12 B14 &
Hubbell Inc. B HUB-B Industrial Equipment 5 458 N N 80.82 2.03 0.3800 0.4100 7.89 3/1/12 3/5/12 4/11/12 A11 Also HUB-A
Intel Corp. INTC Technology-Hardware 9 319 Y Y 24.83 3.62 0.2100 0.2250 7.14 8/3/12 8/7/12 9/1/12 C01
International Speedway Co ISCA Recreation 7 394 - - 26.61 0.75 0.1800 0.2000 11.11 5/29/12 5/31/12 6/29/12 Jun Div-Annual
ITC Holdings Corp. ITC Utility-Electric 8 368 - - 71.98 2.10 0.3525 0.3775 7.09 8/30/12 9/4/12 9/17/12 C17
J&J Snack Foods Corp. JJSF Food Processing 8 336 - - 57.10 0.91 0.1175 0.1300 10.64 12/13/11 12/15/11 1/5/12 A05
JB Hunt Transport ServicesJBHT Transportation 9 296 - - 52.44 1.07 0.1300 0.1400 7.69 2/10/12 2/14/12 2/24/12 B24
Kaydon Corp. KDN Industrial Goods 5 442 - - 22.24 3.60 0.1900 0.2000 5.26 9/8/11 9/12/11 10/3/11 A03
Kellogg Company K Food Processing 8 369 N N 50.65 3.47 0.4300 0.4400 2.33 8/31/12 9/4/12 9/17/12 C17
Kinross Gold Corp. KGC Mining 5 457 - - 8.90 1.80 0.0600 0.0800 33.33 3/21/12 3/23/12 3/31/12 C31 SA,Canada
Knight Transportation Inc. KNX Transportation 7 374 - - 14.30 1.68 0.0500 0.0600 20.00 6/2/10 6/4/10 6/25/10 C25
Kroger Company KR Retail-Grocery 6 412 - - 22.28 2.06 0.1050 0.1150 9.52 11/11/11 11/15/11 12/1/11 C01
L-3 Communications HoldinLLL Aerospace/Defense 9 301 - - 70.24 2.85 0.4500 0.5000 11.11 2/28/12 3/1/12 3/15/12 C15
Laclede Group Inc. LG Utility-Gas 9 291 N N 42.25 3.93 0.4050 0.4150 2.47 12/8/11 12/12/11 1/4/12 A04
Lake Shore Bancorp Inc. LSBK Banking 6 408 - - 10.02 2.79 0.0600 0.0700 16.67 2/3/11 2/7/11 2/22/11 B22
Landauer Inc. LDR Business Services 9 283 - - 58.64 3.75 0.5380 0.5500 2.23 12/8/10 12/10/10 1/3/11 A03 FY Streak
Landstar System Inc. LSTR Transportation 8 364 - - 47.27 0.51 0.0550 0.0600 9.09 8/9/12 8/13/12 8/31/12 B31
Lazard Limited LAZ Financial Services 5 462 - - 28.49 2.81 0.1600 0.2000 25.00 5/2/12 5/4/12 5/25/12 B25 ADR-Bermuda
Lockheed Martin LMT Aerospace/Defense 9 289 N N 91.14 4.39 0.7500 1.0000 33.33 11/29/11 12/1/11 12/30/11 C30
Lorillard Inc. LO Tobacco 5 453 - - 125.51 4.94 1.3000 1.5500 19.23 2/28/12 3/1/12 3/9/12 C09
Medicis Pharmaceutical CoMRX Drugs 5 460 - - 31.56 1.27 0.0800 0.1000 25.00 3/29/12 4/2/12 4/30/12 A30
Mesa Laboratories Inc. MLAB Medical Instruments 9 287 - - 47.03 1.11 0.1200 0.1300 8.33 11/23/11 11/28/11 12/15/11 C15
Microsoft Corp. MSFT Technology-Software 7 381 N Y 30.82 2.60 0.1600 0.2000 25.00 11/15/11 11/17/11 12/8/11 C08
Molex Inc. MOLX Electronics 9 315 N Y 26.55 3.31 0.2000 0.2200 10.00 6/27/12 6/29/12 7/25/12 A25 FYStreak,+Cl.A
Monro Muffler Brake Inc. MNRO Automotive 8 351 - - 33.85 1.18 0.0900 0.1000 11.11 5/31/12 6/4/12 6/14/12 C14
MSC Industrial Direct Co. I MSM Industrial Goods 9 285 - - 69.30 1.44 0.2200 0.2500 13.64 11/2/11 11/4/11 11/18/11 B18
National CineMedia Inc. NCMI Media 5 441 - - 14.50 6.07 0.2000 0.2200 10.00 8/16/11 8/18/11 9/1/11 C01
National Healthcare Corp. NHC Healthcare Facilities 8 330 - - 44.69 2.69 0.2800 0.3000 7.14 6/28/11 6/30/11 9/1/11 C01
National Interstate Corp. NATL Insurance 8 338 - - 24.85 1.61 0.0900 0.1000 11.11 3/7/12 3/9/12 3/23/12 C23
National Research Corp. NRCI Business Services 8 339 - - 49.76 2.09 0.2200 0.2600 18.18 2/29/12 3/2/12 3/30/12 C30
Natural Resource Partners NRP MLP-Coal 9 284 - - 20.70 10.63 0.5400 0.5500 1.85 11/2/11 11/4/11 11/14/11 B14
Navios Maritime Partners NMM MLP-Cargo Ships 5 467 - - 14.47 12.23 0.4400 0.4425 0.57 8/6/12 8/8/12 8/13/12 B13 ADR-Greece
NewMarket Corp. NEU Chemical-Specialty 7 383 - - 246.12 1.22 0.6000 0.7500 25.00 12/13/11 12/15/11 1/1/12 A01
Northrop Grumman NOC Aerospace/Defense 9 311 N N 66.89 3.29 0.5000 0.5500 10.00 5/24/12 5/28/12 6/13/12 C13
NorthWestern Corp. NWE Utility-Elec/Gas 8 341 N N 36.60 4.04 0.3600 0.3700 2.78 3/13/12 3/15/12 3/31/12 C31
NuStar GP Holdings LLC NSH MLP-Oil&Gas 7 384 - - 30.47 6.70 0.4950 0.5100 3.03 2/3/12 2/7/12 2/14/12 B14
NV Energy Inc. NVE Utility-Electric 6 427 N Y 17.54 3.88 0.1300 0.1700 30.77 6/1/12 6/5/12 6/20/12 C20
OGE Energy Corp. OGE Utility-Elec/Gas 6 417 N N 54.05 2.90 0.3750 0.3925 4.67 1/6/12 1/10/12 1/30/12 A30
ONEOK Partners LP OKS MLP-Oil&Gas Pipelines 7 397 - - 56.82 4.65 0.6350 0.6600 3.94 8/2/12 8/6/12 8/15/12 B15 &
Pall Corp. PLL Machinery 8 337 N N 55.51 1.51 0.1750 0.2100 20.00 2/3/12 2/7/12 2/21/12 B21
PennantPark Investment C PNNT Financial Services 6 415 - - 10.86 10.31 0.2700 0.2800 3.70 12/21/11 12/23/11 1/3/12 A03
Perrigo Company PRGO Drugs 9 286 - - 109.97 0.29 0.0700 0.0800 14.29 11/22/11 11/25/11 12/13/11 C13
PG&E Corp. PCG Utility-Elec/Gas 6 406 N Y 43.41 4.19 0.4200 0.4550 8.33 3/29/10 3/31/10 4/15/10 A15
Portland General Electric CPOR Utility-Electric 7 395 - - 26.84 4.02 0.2650 0.2700 1.89 6/21/12 6/25/12 7/16/12 A16
PSB Holdings Inc. PSBQ Banking 8 358 - - 27.50 2.76 0.3700 0.3800 2.70 7/12/12 7/16/12 7/30/12 JaJl SA,5%stk-7/30
Quaker Chemical Corp. KWR Chemical-Specialty 5 465 N N 47.05 2.08 0.2400 0.2450 2.08 7/13/12 7/17/12 7/31/12 A31
Randgold Resources Ltd. GOLD Mining 6 425 Y Y 102.97 0.39 0.2000 0.4000 100.00 5/9/12 5/11/12 5/29/12 May Ann.,ADR-Jrsy
Raytheon Company RTN Aerospace/Defense 8 345 N N 56.52 3.54 0.4300 0.5000 16.28 4/2/12 4/4/12 5/3/12 B03
Regal Beloit Corp. RBC Electronics 8 357 - - 68.06 1.12 0.1800 0.1900 5.56 6/27/12 6/29/12 7/14/12 A14
Reynolds American Inc. RAI Tobacco 8 355 Y Y 46.10 5.12 0.5600 0.5900 5.36 6/7/12 6/11/12 7/2/12 A02 &
RGC Resources Inc. RGCO Utility-Gas 9 293 N N 18.01 3.89 0.1700 0.1750 2.94 1/12/12 1/16/12 2/1/12 B01
Robbins & Myers Inc. RBN Machinery 6 418 N N 59.82 0.33 0.0450 0.0500 11.11 1/18/12 1/20/12 2/17/12 B17 Being Acquired
Robert Half International In RHI Business Services 9 299 - - 26.30 2.28 0.1400 0.1500 7.14 2/22/12 2/24/12 3/15/12 C15
Rogers Communications InRCI Telecommunications 7 387 - - 40.39 3.91 0.3488 0.3950 13.26 3/15/12 3/19/12 4/2/12 A02 @ADR-Canada
Ryder System R Transportation 8 371 Y Y 40.01 3.10 0.2900 0.3100 6.90 8/16/12 8/20/12 9/21/12 C21
Safeway Inc. SWY Retail-Grocery 8 356 Y Y 15.65 4.47 0.1450 0.1750 20.69 6/19/12 6/21/12 7/12/12 A12
Sanderson Farms Inc. SAFM Food Processing 9 282 Y Y 44.02 1.54 0.1500 0.1700 13.33 10/1/10 10/5/10 10/19/10 A19
Sempra Energy SRE Utility-Gas 9 305 N N 66.20 3.63 0.4800 0.6000 25.00 3/22/12 3/26/12 4/15/12 A15
Senior Housing Properties SNH REIT-Residential 8 333 N N 22.12 6.87 0.3700 0.3800 2.70 10/17/11 10/19/11 11/11/11 B11
Sensient Technologies Cor SXT Food Processing 7 392 N N 35.85 2.45 0.2100 0.2200 4.76 5/7/12 5/9/12 6/1/12 C01
Shire plc SHPG Drugs 9 324 Y Y 90.54 0.51 0.2000 0.2300 14.97 9/5/12 9/7/12 10/4/12 ApOc SA,ADR-UK,@
Silgan Holdings Inc. SLGN Packaging 9 304 - - 41.93 1.14 0.1100 0.1200 9.09 3/8/12 3/12/12 3/26/12 C26
Smith & Nephew plc SNN Medical Equipment 7 390 - - 52.82 1.61 0.4105 0.4250 3.53 4/18/12 4/20/12 5/9/12 MyNv SA,ADR-UK,@
Somerset Hills Bancorp SOMH Banking 8 350 - - 9.29 3.44 0.0700 0.0800 14.29 5/15/12 5/17/12 5/31/12 B31
Southwest Gas Corp. SWX Utility-Natural Gas 6 426 N N 42.75 2.76 0.2650 0.2950 11.32 5/11/12 5/15/12 6/1/12 C01
Spectra Energy Partners L SEP MLP-Oil&Gas Pipelines 6 431 - - 32.02 6.06 0.4800 0.4850 1.04 8/1/12 8/3/12 8/14/12 B14 &
Steris Corp. STE Medical Equipment 8 370 - - 34.24 2.22 0.1700 0.1900 11.76 8/21/12 8/23/12 9/20/12 C20
StoneMor Partners LP STON MLP-Cemetaries 7 376 - - 23.94 9.77 0.5750 0.5850 1.74 5/4/11 5/6/11 5/16/11 B16
Strayer Education Inc. STRA Education 8 325 N N 64.78 6.17 0.7500 1.0000 33.33 11/24/10 11/29/10 12/10/10 C10
Suncor Energy Inc. SU Oil&Gas 7 393 - - 31.28 1.66 0.1090 0.1300 19.27 5/31/12 6/4/12 6/25/12 C25 @ADR-Canada
Talisman Energy Inc. TLM Oil&Gas 6 410 - - 13.94 1.94 0.0625 0.0675 8.00 6/1/11 6/3/11 6/30/11 C30 ADR-Canada
Targa Resources Partners NGLS MLP-Oil&Gas Pipelines 6 430 - - 40.52 6.34 0.6225 0.6425 3.21 7/19/12 7/23/12 8/14/12 B14 &
TECO Energy Inc. TE Utility-Elec/Gas 6 419 N N 17.36 5.07 0.2150 0.2200 2.33 2/9/12 2/13/12 2/28/12 B28
Teekay LNG Partners LP TGP MLP-LNG Transport. 8 346 - - 39.72 6.80 0.6300 0.6750 7.14 4/19/12 4/23/12 5/14/12 B14 ADR-Bermuda
Teekay Offshore Partners TOO MLP-LNG Transport. 6 424 - - 28.39 7.22 0.5000 0.5125 2.50 4/19/12 4/23/12 5/14/12 B14 ADR-Bermuda
Texas Instruments TXN Technology-Hardware 8 334 N Y 29.04 2.34 0.1300 0.1700 30.77 10/27/11 10/31/11 11/21/11 B21
Texas Pacific Land Trust TPL Real Estate Develop. 9 298 - - 58.79 0.39 0.2100 0.2300 9.52 3/2/12 3/6/12 3/14/12 Mar Div-Annual
Textainer Group Holdings LTGH Transportation 6 435 - - 35.32 4.76 0.4000 0.4200 5.00 8/15/12 8/17/12 8/28/12 B28 ADR-Bermuda&
Tim Hortons Inc. THI Restaurants 7 401 - - 50.55 1.68 0.2100 0.2119 0.90 8/16/12 8/20/12 9/5/12 C05 @ADR-Can.,&
Torchmark Corp. TMK Insurance 7 389 Y Y 51.18 1.17 0.1200 0.1500 25.00 4/4/12 4/6/12 5/1/12 B01
Tower Group Inc. TWGP Insurance 5 440 - - 18.64 4.02 0.1250 0.1875 50.00 6/9/11 6/13/11 6/24/11 C24
TransAlta Corp. TAC Utility-Electric 6 413 N N 15.11 7.83 0.2795 0.2958 5.81 11/29/11 12/1/11 1/1/12 B24 @ADR-Canada
Transmontaigne Partners TLP MLP-Oil&Gas Pipelines 8 360 - - 36.54 7.01 0.6300 0.6400 1.59 7/27/12 7/31/12 8/7/12 B07 &
Travelers Companies TRV Insurance 8 354 Y Y 64.74 2.84 0.4100 0.4600 12.20 6/6/12 6/8/12 6/29/12 C29
Triangle Capital Corp. TCAP BDC-Financial Services 6 428 - - 24.55 8.15 0.4700 0.5000 6.38 6/11/12 6/13/12 6/27/12 C27
Union Pacific UNP Railroad 6 414 N N 121.44 1.98 0.4750 0.6000 26.32 11/28/11 11/30/11 1/2/12 A02
United Community Bancor UCBA Banking 5 439 - - 6.86 6.41 0.1000 0.1100 10.00 5/10/10 5/12/10 5/28/10 B28
United Financial Bancorp UBNK Banking 7 399 - - 14.27 2.80 0.0900 0.1000 11.11 8/7/12 8/9/12 8/30/12 B30
Utah Medical Products Inc. UTMD Medical Devices 8 335 - - 33.81 2.84 0.2350 0.2400 2.13 12/12/11 12/14/11 12/29/11 C29
Vanguard Natural Resourc VNR MLP-Oil&Gas Services 5 469 - - 28.62 8.39 0.1975 0.2000 1.27 8/3/12 8/7/12 8/14/12 Mo Monthly Div,&
Verizon Communications VZ Telecommunications 7 378 Y N 42.94 4.66 0.4875 0.5000 2.56 10/5/11 10/7/11 11/1/11 B01
Visa Inc. V Financial Services 5 448 - - 128.25 0.69 0.1500 0.2200 46.67 11/16/11 11/18/11 12/6/11 C06 FY Streak
VSE Corp. VSEC Business Services 9 317 - - 23.21 1.38 0.0700 0.0800 14.29 7/23/12 7/25/12 8/8/12 B08
Waste Management WM Waste Management 9 303 N Y 34.58 4.11 0.3400 0.3550 4.41 3/7/12 3/9/12 3/23/12 C23
Westar Energy WR Utility-Electric 8 342 N N 29.12 4.53 0.3200 0.3300 3.13 3/7/12 3/9/12 4/2/12 A02
Western Gas Partners LP WES MLP-Oil&Gas Pipelines 5 466 - - 47.75 4.02 0.4600 0.4800 4.35 7/27/12 7/31/12 8/13/12 B13 &
Westlake Chemical Corp. WLK Chemical-Specialty 9 322 - - 68.78 1.09 0.0738 0.1875 154.24 8/28/12 8/30/12 9/12/12 C12
Williams Companies WMB Oil&Gas 9 321 Y Y 32.27 3.87 0.3000 0.3125 4.17 8/22/12 8/24/12 9/10/12 C10 &
Williams Partners LP WPZ MLP-Oil&Gas Pipelines 8 362 - - 51.58 6.15 0.7775 0.7925 1.93 8/1/12 8/3/12 8/10/12 B10 &
Williams-Sonoma Inc. WSM Retail-Home Products 7 385 - - 41.02 2.15 0.1700 0.2200 29.41 1/25/12 1/27/12 2/24/12 B24
Wisconsin Energy WEC Utility-Elec/Gas 9 297 N N 37.96 3.16 0.2600 0.3000 15.38 2/10/12 2/14/12 3/1/12 C01
Xcel Energy XEL Utility-Elec/Gas 9 314 N Y 27.89 3.87 0.2600 0.2700 3.85 6/19/12 6/21/12 7/20/12 A20
Yum! Brands Inc. YUM Restaurants 8 332 Y Y 63.72 1.79 0.2500 0.2850 14.00 10/12/11 10/14/11 11/4/11 B04
Averages: 190 Challengers 7.2 43.15 3.45 10.02
Averages for 366 Contenders/Challengers 10.7 46.13 3.26 9.26
Averages for 471 Champions,Contenders 17.0 47.72 3.19 8.87

and Challengers
Challengers Fundamental Data Numbers in Blue directly from FinViz.com (Brown=Yahoo Finance) Technical Data
5-9 Straight Years Higher DividendsDisclaimer: Although all figures are thought to be correct, no guarantee is expressed, nor should any be implied. Current Price as % from:
A. Schulman Inc. SHLM 0.76 49.67 0.8 15.88 8 1.53 1.13 0.33 1.44 (16.5) 7.8 14.0 5 718 1.25 55.0 (11.8) 11.5 7.4
Aaron's Inc. AAN 0.06 2.79 13.9 13.89 12 2.15 1.08 1.06 2.10 (0.6) 10.3 12.9 12 2,264 0.84 28.5 (6.0) 2.8 10.0
Accenture plc ACN 1.35 34.88 169.7 15.92 8 3.87 1.53 1.44 10.28 27.7 7.3 10.4 18 42,674 0.85 29.8 (6.2) 3.5 5.0
Acme United Corp. ACU 0.28 26.67 (27.8) 10.30 12 1.05 n/a 0.42 1.14 12.6 11.6 n/a 1 34 0.59 29.6 (5.1) 2.8 7.2
Alliance Financial Corp. ALNC 1.28 50.59 (12.4) 14.49 12 2.53 2.07 3.39 1.19 12.9 1.3 7.0 2 175 0.58 46.8 (2.6) 4.4 16.6
Alliance Holdings GP LP AHGP 2.79 78.37 103.6 13.60 12 3.56 0.97 1.50 6.86 22.8 4.3 14.0 4 2,897 0.77 32.9 (7.6) 8.7 6.0
Alliant Energy Corp. LNT 1.80 70.31 7.9 17.22 12 2.56 2.91 1.46 1.52 4.4 5.4 5.9 10 4,891 0.53 24.7 (7.2) (3.5) 2.0
Altera Corp. ALTR 0.40 21.39 82.6 19.96 12 1.87 1.33 6.53 3.76 (5.7) 18.1 15.1 28 11,943 1.15 26.2 (9.9) 9.1 3.6
American Equity InvestmentAEL 0.12 11.65 (53.2) 11.22 12 1.03 1.40 0.61 0.44 101.5 12.0 8.0 6 724 1.74 46.0 (11.7) 2.9 1.8
American Financial Group IAFG 0.76 18.14 (43.5) 8.96 12 4.19 1.03 0.72 0.80 (23.1) 14.0 8.7 4 3,526 1.02 29.1 (6.9) (0.2) 0.4
American Greetings AM 0.60 82.19 (20.6) 19.71 2 0.73 1.97 0.29 0.72 (32.7) 50.9 10.0 1 487 1.73 17.7 (31.1) 4.6 (1.0)
American Science and EngiASEI 2.00 90.91 60.0 27.03 3 2.20 2.35 2.51 2.13 (49.4) (5.2) 11.5 5 501 0.45 29.5 (22.8) 4.6 (5.5)
American Water Works AWK 1.00 49.75 10.6 18.34 12 2.01 1.88 2.36 1.50 18.6 1.4 9.8 14 6,505 0.32 35.0 (6.4) 2.1 10.1
AmeriGas Partners LP APU 3.20 202.53 196.3 27.10 12 1.58 6.47 0.85 7.29 (17.9) 1266.7 4.2 7 2,445 0.37 18.3 (4.2) 4.8 6.0
Ameriprise Financial Inc. AMP 1.40 32.71 (13.9) 12.83 12 4.28 1.12 1.14 1.30 7.9 17.0 11.5 13 11,571 1.96 56.2 (5.2) 5.5 7.3
AmerisourceBergen Corp. ABC 0.52 19.40 45.2 14.37 9 2.68 n/a 0.12 3.30 14.8 11.7 n/a 19 9,693 0.70 12.4 (7.7) 0.0 2.5
AmTrust Financial ServicesAFSI 0.40 16.26 (13.7) 10.60 12 2.46 0.90 0.99 1.58 17.2 9.1 11.8 7 1,583 0.78 39.6 (6.6) (2.5) 5.4
Assurant Inc. AIZ 0.84 18.14 (55.7) 7.61 12 4.63 0.74 0.45 0.58 120.5 (10.2) 10.3 10 2,858 1.31 11.4 (19.6) 1.9 (6.3)
Astrazeneca plc AZN 2.85 45.67 (5.7) 7.50 12 6.24 n/a 1.89 2.67 31.1 0.3 (0.5) 8 58,396 0.65 20.1 (2.2) 2.4 6.7
Bank of Marin Bancorp BMRC 0.72 22.22 (11.7) 12.10 12 3.24 2.20 3.10 1.45 13.4 (0.3) 5.5 7 210 0.88 24.5 (3.4) 4.1 5.8
Bar Harbor Bankshares BHB 1.18 39.46 (22.9) 11.96 12 2.99 n/a 2.78 1.12 8.9 3.2 n/a 2 140 0.58 33.7 (5.1) 1.6 9.6
Baxter International Inc. BAX 1.80 44.23 77.4 14.42 12 4.07 1.67 2.29 4.91 62.4 8.0 8.6 18 32,111 0.50 25.4 (2.4) 4.0 8.3
Birner Dental Management BDMS 0.88 125.71 125.9 25.29 12 0.70 n/a 0.53 4.54 (7.3) n/a n/a 0 33 0.74 24.8 (6.8) 5.0 5.9
Boardwalk Pipeline Partne BWP 2.13 176.03 28.8 22.34 12 1.21 7.11 4.86 1.67 (28.8) 5.0 3.1 12 5,617 0.23 22.6 (5.5) (1.0) 2.5
Bob Evans Farms BOBE 1.10 45.83 12.3 16.39 4 2.40 2.05 0.67 1.73 37.4 10.8 8.0 7 1,104 0.83 47.6 (3.6) 0.7 7.2
BOK Financial Corp. BOKF 1.52 31.21 (15.5) 11.82 12 4.87 1.41 4.87 1.36 15.4 (8.0) 8.4 9 3,923 0.76 34.8 (3.4) 0.5 4.3
Brinker International EAT 0.80 42.33 160.6 18.23 6 1.89 1.42 0.92 8.38 22.7 13.6 12.8 17 2,598 1.40 79.9 (2.1) 5.4 19.1
Broadridge Financial Soluti BR 0.72 73.47 93.0 24.16 12 0.98 2.42 1.28 3.47 (26.8) 11.7 10.0 5 2,958 0.76 27.3 (3.7) 8.8 6.0
Brookfield Infrastructure P BIP 1.50 263.16 103.2 59.96 12 0.57 9.99 2.76 1.55 (71.1) 49.0 6.0 1 4,856 0.74 62.0 (6.6) 0.8 13.9
CAE Inc. CAE 0.20 32.26 39.0 16.53 3 0.62 1.52 1.40 2.63 12.2 15.4 10.9 10 2,652 1.44 22.0 (8.1) 2.9 1.7
Campbell Soup Co. CPB 1.16 50.22 143.1 15.21 7 2.31 3.43 1.44 8.74 (0.0) 5.0 4.4 19 11,104 0.30 21.6 (1.3) 5.2 8.0
CenterPoint Energy CNP 0.81 44.75 0.3 11.27 12 1.81 2.13 1.14 2.01 67.7 7.6 5.3 15 8,714 0.60 16.3 (4.0) (0.7) 5.0
Chesapeake Utilities CPK 1.46 53.87 17.2 17.28 12 2.71 5.76 1.15 1.79 5.2 13.5 3.0 3 449 0.37 26.3 (3.5) 2.0 9.6
China Mobile Limited CHL 2.18 44.35 1.3 10.93 12 4.91 n/a 2.52 2.11 5.2 (0.4) (0.9) 5 215,827 0.55 18.5 (9.7) (3.2) 3.5
CMS Energy Corp. CMS 0.96 75.00 25.3 18.02 12 1.28 2.98 0.99 1.96 14.3 6.5 6.1 16 6,113 0.48 29.2 (6.8) (2.3) 4.8
Coca-Cola Enterprises Inc. CCE 0.64 28.32 35.3 13.07 12 2.26 1.67 1.07 3.15 24.8 11.3 7.8 15 8,697 1.25 30.4 (3.3) 3.6 7.7
Coca-Cola FEMSA S.A.B. dKOF 2.06 47.33 107.1 28.06 12 4.35 1.81 2.32 3.44 7.9 13.7 15.5 8 24,782 0.96 49.5 (10.8) 0.9 16.0
Columbia Sportswear Co. COLM 0.88 29.93 14.9 17.79 12 2.94 1.33 1.03 1.67 33.9 13.6 13.4 14 1,767 1.03 29.4 (9.6) 0.4 7.2
Comcast Corp. CMCSA 0.65 37.36 26.9 19.27 12 1.74 1.26 1.51 1.88 16.2 14.1 15.3 26 89,721 1.06 72.6 (4.6) 2.5 17.4
Compass Minerals Internat CMP 1.98 51.83 104.8 18.80 12 3.82 2.09 2.31 5.02 (1.3) 48.0 9.0 7 2,378 0.42 17.4 (9.3) (1.9) 0.2
ConAgra Foods Inc. CAG 0.96 86.49 52.4 22.62 5 1.11 3.38 0.77 2.31 (41.5) 6.6 6.7 11 10,196 0.66 16.5 (5.5) 1.3 (0.5)
5-9 Straight Years Higher DividendsDisclaimer: Although all figures are thought to be correct, no guarantee is expressed, nor should any be implied. Current Price as % from:
Costco Wholesale COST 1.10 30.73 102.4 27.34 8 3.58 2.03 0.44 3.37 12.9 14.8 13.5 26 42,313 0.68 29.3 (1.2) 3.2 11.9
Covidien plc COV 0.90 23.14 26.8 14.41 9 3.89 1.39 2.26 2.51 22.2 4.0 10.3 23 26,910 0.84 38.0 (3.1) 2.9 9.3
Crane Company CR 1.12 350.00 258.1 118.72 12 0.32 13.97 0.84 2.43 (82.8) 12.2 8.5 6 2,179 1.65 17.2 (24.8) (0.0) (11.8)
Crestwood Midstream Part CMLP 2.00 277.78 62.1 34.17 12 0.72 3.73 5.37 1.73 (3.3) 73.1 9.2 5 1,181 0.88 20.1 (20.2) (2.8) (8.0)
CSX Corp. CSX 0.56 31.46 21.4 12.62 12 1.78 1.39 1.96 2.63 23.5 11.9 9.1 29 23,358 1.26 30.1 (3.8) 0.3 3.9
Cummins Inc. CMI 2.00 19.88 14.0 9.65 12 10.06 0.69 1.00 3.03 81.0 11.0 14.0 15 18,491 2.01 24.1 (24.4) 3.0 (5.2)
CVS Caremark CVS 0.65 22.97 4.6 16.10 12 2.83 1.27 0.50 1.53 4.2 12.5 12.7 24 57,951 0.74 43.2 (6.1) (0.4) 4.8
Daktronics Inc. DAKT 0.23 82.14 77.2 34.14 4 0.28 3.41 0.80 2.07 (40.4) 17.0 10.0 5 402 1.41 53.9 (18.5) 21.4 12.1
Darden Restaurants DRI 2.00 55.71 53.0 14.47 5 3.59 1.21 0.84 3.64 4.9 13.8 12.0 31 6,703 0.84 32.6 (6.1) 1.0 6.5
DCP Midstream Partners L DPM 2.68 97.45 19.8 15.69 12 2.75 1.11 1.48 2.06 100.2 1.0 14.1 8 2,529 1.15 27.9 (10.2) 3.2 (0.0)
Deere & Company DE 1.84 24.60 34.4 10.04 10 7.48 1.04 0.85 4.05 52.3 6.8 9.7 18 29,874 1.52 27.5 (15.3) (2.7) (4.5)
Delta Natural Gas DGAS 0.72 90.00 47.9 24.62 6 0.80 6.16 1.77 2.00 11.5 10.9 4.0 1 134 0.46 44.8 (19.9) (8.2) 3.6
DeVry Inc. DV 0.30 9.90 (49.0) 6.37 6 3.03 0.88 0.59 0.92 20.8 14.7 7.2 22 1,264 0.57 6.4 (58.4) (19.2) (38.7)
Digital Realty Trust DLR 2.92 208.57 206.8 53.22 12 1.40 5.56 8.35 3.98 94.6 29.1 9.6 17 9,446 1.01 48.5 (7.5) (1.8) 5.6
Dominion Resources D 2.11 88.66 55.9 22.05 12 2.38 4.08 2.22 2.48 (51.2) 8.2 5.4 17 29,992 0.46 17.0 (4.7) (1.6) 3.2
Duke Energy Corp. DUK 3.06 91.07 5.1 19.28 12 3.36 5.46 5.90 1.29 28.1 7.8 3.5 19 85,804 0.33 23.4 (7.9) (2.6) 2.3
Dun & Bradstreet Corp. DNB 1.52 26.95 n/a 14.35 12 5.64 1.44 2.11 n/a 5.9 8.6 10.0 10 3,633 0.65 41.2 (5.5) 9.2 8.1
Dynex Capital Inc. DX 1.16 108.41 (31.5) 9.77 12 1.07 1.95 5.78 1.08 (26.8) (1.5) 5.0 1 568 0.46 57.2 (0.2) 2.6 14.0
Ecology & Environment Inc EEI 0.48 55.81 (20.4) 13.99 7 0.86 n/a 0.31 1.02 61.1 110.5 n/a 1 51 0.36 15.7 (31.0) 0.8 (16.0)
Edison International EIX 1.30 n/a n/a n/a 12 -0.76 n/a 1.11 1.43 n/a 5.6 2.4 14 14,267 0.59 27.9 (6.7) (3.2) 2.6
El Paso Pipeline Partners EPB 2.20 112.82 92.2 18.56 12 1.95 4.08 5.26 4.48 8.0 6.4 4.6 17 7,667 0.22 20.0 (2.1) 5.4 8.2
Enbridge Energy Partners EEP 2.17 137.59 31.0 18.65 12 1.58 3.88 1.08 2.07 282.4 34.6 4.8 13 8,418 0.67 28.2 (8.3) 0.6 (1.1)
Energy Transfer Equity LP ETE 2.50 155.28 154.8 27.30 12 1.61 1.49 1.55 5.35 59.5 29.9 18.3 5 12,304 0.78 51.8 0.0 6.2 11.2
Ensign Group Inc. ENSG 0.24 11.01 11.5 13.50 12 2.18 1.01 0.79 2.07 15.3 6.7 13.3 6 632 0.71 50.8 (1.6) 3.2 11.2
Epoch Holding Corp. EPHC 0.32 34.78 195.8 22.89 6 0.92 n/a 5.82 8.60 78.9 26.5 n/a 1 496 1.58 83.0 (24.2) (6.3) (9.7)
Equity LifeStyle Properties ELS 1.75 648.15 572.9 254.67 12 0.27 21.22 4.20 4.00 (48.9) 91.5 12.0 6 2,842 0.83 20.0 (6.1) (1.3) 2.6
EV Energy Partners LP EVEP 3.06 82.70 30.0 16.96 12 3.70 5.65 9.75 2.24 (19.7) (40.6) 3.0 7 2,656 0.98 46.2 (16.3) 16.6 4.0
Evercore Partners Inc. EVR 0.80 470.59 234.2 145.29 12 0.17 8.55 1.24 1.73 (34.9) 40.8 17.0 9 704 1.30 25.6 (16.6) 5.5 (3.1)
Exterran Partners LP EXLP 2.01 n/a n/a n/a 12 -0.22 n/a 2.55 2.02 109.6 294.4 2.0 6 900 0.77 19.3 (10.8) 2.6 2.3
Farmers and Merchants BaFMAO 0.76 36.54 (38.7) 9.71 12 2.08 n/a 2.61 0.87 n/a n/a n/a 1 95 n/a 18.1 (8.2) (1.1) (2.0)
Finish Line Inc. (The) FINL 0.24 15.69 22.8 15.01 2 1.53 0.92 0.84 2.26 26.2 14.6 16.2 10 1,165 1.26 30.3 (11.8) 8.6 7.7
Flowserve Corp. FLS 1.44 18.37 53.8 16.28 12 7.84 0.81 1.41 3.27 11.0 21.4 20.0 11 6,527 1.66 92.8 (1.9) 7.6 15.3
Frisch's Restaurants Inc. FRS 0.64 54.24 29.1 27.97 5 1.18 n/a 0.80 1.34 (16.4) 19.2 0.0 1 163 0.63 82.6 (1.5) 10.9 32.3
G&K Services Inc. GKSR 0.78 60.94 26.5 24.51 6 1.28 2.37 0.68 1.47 (28.1) 15.3 10.3 8 591 1.19 56.3 (11.9) (0.3) 8.7
Gap Inc. GPS 0.50 27.93 129.5 20.01 1 1.79 1.91 1.17 5.92 (16.8) 12.9 10.5 33 17,524 1.25 142.8 (2.1) 15.9 43.3
General Mills GIS 1.32 56.17 71.8 16.74 5 2.35 2.26 1.53 3.97 (13.1) 8.2 7.4 20 25,497 0.16 11.1 (2.6) 2.0 1.9
Genesis Energy LP GEL 1.84 209.09 111.9 36.73 12 0.88 5.65 0.73 2.75 53.5 19.1 6.5 5 2,567 0.84 57.5 (1.6) 6.3 12.0
Greif Inc. B GEF.B 2.52 82.62 11.5 16.36 10 3.05 n/a 0.53 1.71 n/a n/a n/a 0 2,350 n/a 23.1 (13.4) 1.7 (0.6)
Guess? Inc. GES 0.80 31.37 (5.4) 10.22 1 2.55 0.85 0.89 1.97 (8.0) 17.1 12.0 15 2,345 1.65 8.4 (28.9) (10.9) (11.7)
H.J.Heinz Co. HNZ 2.06 72.28 137.1 19.55 4 2.85 3.23 1.53 6.47 (6.8) 7.7 6.1 18 17,845 0.52 18.0 (4.4) 1.3 5.4
Hanover Insurance Group THG 1.20 56.34 (32.6) 16.76 12 2.13 2.01 0.36 0.61 (79.0) 33.7 8.3 6 1,600 0.53 11.3 (13.8) (2.2) (4.6)
Hasbro Inc. HAS 1.44 54.75 48.7 14.26 12 2.63 1.78 1.17 3.49 3.0 7.4 8.0 16 4,885 0.90 24.0 (2.8) 6.4 8.3
Hawkins Inc. HWKN 0.68 36.17 51.1 20.54 3 1.88 n/a 1.18 2.50 5.9 n/a n/a 1 406 0.94 34.1 (9.2) 0.5 4.3
Health Care REIT Inc. HCN 2.96 519.30 184.8 102.53 12 0.57 10.40 8.01 1.78 62.5 16.7 9.9 17 13,248 0.86 41.0 (6.0) (1.1) 7.4
HEICO Corp. HEI 0.12 8.00 81.5 23.23 10 1.50 1.25 2.12 3.19 31.7 15.2 18.6 11 1,835 0.95 1.9 (29.6) (6.4) (16.3)
Hillenbrand Inc. HI 0.77 46.39 6.1 10.92 9 1.66 0.87 1.18 2.32 14.8 5.3 12.5 4 1,134 0.75 9.0 (23.7) 0.8 (11.4)
Holly Energy Partners LP HEP 3.64 126.83 104.7 23.50 12 2.87 3.79 7.82 4.01 26.7 12.2 6.2 7 1,915 0.68 52.5 (1.2) 8.3 18.4
Hubbell Inc. B HUB-B 1.64 33.54 50.9 16.53 12 4.89 1.43 1.60 3.10 23.2 9.7 11.6 9 4,797 1.19 75.6 (3.8) 0.3 8.1
Intel Corp. INTC 0.90 38.14 9.2 10.52 12 2.36 0.98 2.28 2.55 18.8 6.7 10.7 49 124,224 1.08 33.9 (14.4) (3.6) (4.0)
International Speedway Co ISCA 0.20 13.99 (9.1) 18.61 11 1.43 2.64 1.90 1.00 28.9 15.3 7.1 7 1,235 1.07 33.7 (6.6) 2.8 4.7
ITC Holdings Corp. ITC 1.51 44.94 62.7 21.42 12 3.36 1.33 4.71 2.78 16.3 21.7 16.1 9 3,707 0.65 9.7 (10.8) 0.9 (0.8)
J&J Snack Foods Corp. JJSF 0.52 19.48 48.8 21.39 9 2.67 n/a 1.34 2.33 13.2 8.2 n/a 4 1,080 0.68 27.5 (4.5) (0.4) 6.8
JB Hunt Transport ServicesJBHT 0.56 23.24 189.2 21.76 12 2.41 1.22 1.28 8.65 34.9 15.6 17.8 30 6,164 0.99 54.0 (14.1) (6.0) 0.4
Kaydon Corp. KDN 0.80 55.17 15.3 15.34 12 1.45 1.30 1.52 1.95 (9.2) 6.5 11.8 7 713 1.42 12.3 (42.3) 4.4 (17.8)
Kellogg Company K 1.76 53.66 140.7 15.44 12 3.28 2.26 1.37 8.44 2.5 8.2 6.8 22 18,120 0.46 10.3 (5.2) 3.3 2.1
Kinross Gold Corp. KGC 0.16 n/a n/a n/a 12 -1.95 n/a 2.51 0.80 n/a 36.5 n/a 19 10,140 0.47 25.2 (50.7) 8.1 (9.7)
Knight Transportation Inc. KNX 0.24 30.00 34.0 17.88 12 0.80 1.20 1.26 2.26 5.2 13.3 15.0 25 1,140 0.65 14.5 (24.0) (6.2) (11.8)
Kroger Company KR 0.46 44.23 69.0 21.42 1 1.04 2.18 0.13 3.00 (42.0) 6.3 9.8 21 12,135 0.39 7.5 (9.2) 0.6 (2.8)
L-3 Communications HoldinLLL 2.00 22.10 (41.3) 7.76 12 9.05 9.35 0.45 1.00 9.5 4.6 0.8 19 6,782 0.96 23.9 (5.1) (0.1) 2.5
Laclede Group Inc. LG 1.66 61.48 4.2 15.65 9 2.70 3.13 0.78 1.56 17.6 2.6 5.0 2 951 0.06 17.6 (2.5) 2.5 6.4
Lake Shore Bancorp Inc. LSBK 0.28 43.75 (20.4) 15.66 12 0.64 n/a 2.90 0.91 22.8 n/a n/a 0 60 0.46 21.7 (3.5) (1.4) 1.6
Landauer Inc. LDR 2.20 87.65 162.0 23.36 9 2.51 1.95 3.81 6.61 2.1 14.7 12.0 4 554 0.81 34.4 (5.0) 1.1 10.4
Landstar System Inc. LSTR 0.24 9.02 123.8 17.77 12 2.66 1.01 0.79 6.34 34.7 12.1 17.6 25 2,205 0.84 29.5 (19.7) (4.9) (8.0)
Lazard Limited LAZ 0.80 90.91 160.6 32.38 12 0.88 2.70 1.83 4.72 (0.0) 60.0 12.0 12 3,510 1.46 53.6 (7.0) 7.4 8.9
Lockheed Martin LMT 4.00 46.84 151.4 10.67 12 8.54 1.49 0.62 13.32 10.6 3.6 7.1 25 29,568 0.95 38.3 (2.0) 3.6 9.0
Lorillard Inc. LO 6.20 76.26 n/a 15.44 12 8.13 1.69 2.52 n/a 17.8 9.7 9.2 11 16,393 0.44 25.1 (10.0) (2.8) 3.5
Medicis Pharmaceutical CoMRX 0.40 40.00 70.0 31.56 12 1.00 2.42 2.47 2.06 (31.1) 16.3 13.1 22 1,886 1.19 6.9 (20.9) (5.6) (8.4)
Mesa Laboratories Inc. MLAB 0.52 21.76 72.9 19.68 3 2.39 n/a 3.82 3.42 23.2 17.1 n/a 1 158 0.37 43.8 (20.0) 1.4 1.2
Microsoft Corp. MSFT 0.80 40.00 63.2 15.41 6 2.00 1.71 3.50 3.89 (25.9) 9.9 9.0 31 258,376 1.01 30.5 (5.2) 3.0 5.3
Molex Inc. MOLX 0.88 55.35 19.4 16.70 6 1.59 2.62 1.34 1.92 (6.6) 13.2 6.4 14 4,687 1.63 44.7 (5.8) 6.0 5.2
Monro Muffler Brake Inc. MNRO 0.40 25.48 72.4 21.56 3 1.57 1.18 1.52 3.10 17.5 28.9 18.3 7 1,049 0.50 10.2 (28.6) (2.1) (12.3)
MSC Industrial Direct Co. I MSM 1.00 25.45 73.9 17.63 8 3.93 1.25 1.93 3.86 44.7 7.6 14.1 10 4,347 1.23 27.2 (17.7) 3.0 (4.0)
National CineMedia Inc. NCMI 0.88 231.58 n/a 38.16 12 0.38 3.23 1.85 n/a (7.3) 12.5 11.8 12 813 0.84 37.4 (7.4) 1.2 6.3
National Healthcare Corp. NHC 1.20 32.97 (14.8) 12.28 12 3.64 1.02 0.81 1.33 21.3 0.0 12.0 2 625 0.58 52.2 (8.6) (1.2) 2.0
National Interstate Corp. NATL 0.40 22.35 (10.1) 13.88 12 1.79 1.42 1.01 1.31 (10.0) 11.5 9.8 5 484 0.71 22.1 (10.6) (1.7) 1.2
National Research Corp. NRCI 1.04 52.79 149.4 25.26 12 1.97 1.63 4.19 5.54 34.0 13.0 15.5 2 338 0.85 81.3 (6.1) (0.9) 15.2
Natural Resource Partners NRP 2.20 415.09 147.5 39.06 12 0.53 39.06 5.72 3.53 (67.5) 0.6 1.0 8 2,195 0.76 10.9 (26.4) (0.8) (11.3)
Navios Maritime Partners NMM 1.77 137.21 (15.0) 11.22 12 1.29 1.87 4.57 1.45 (11.6) (16.7) 6.0 6 879 1.31 34.3 (8.9) 5.3 2.2
NewMarket Corp. NEU 3.00 17.84 81.6 14.63 12 16.82 1.23 1.49 5.07 24.8 2.0 11.9 5 3,298 1.58 77.3 (1.7) 5.9 19.7
Northrop Grumman NOC 2.20 28.21 (23.1) 8.58 12 7.80 1.71 0.65 1.55 15.5 (2.8) 5.0 22 16,536 1.10 38.6 (3.9) 3.0 11.6
NorthWestern Corp. NWE 1.48 58.27 (1.7) 14.41 12 2.54 1.88 1.26 1.51 18.5 4.1 7.7 6 1,362 0.65 24.1 (3.6) (0.2) 4.7
NuStar GP Holdings LLC NSH 2.04 566.67 234.8 84.64 12 0.36 15.85 119.39 2.98 (4.0) 188.5 5.3 7 1,298 0.51 16.0 (14.4) (1.0) (3.3)
NV Energy Inc. NVE 0.68 72.34 0.2 18.66 12 0.94 2.24 1.39 1.21 (28.4) 2.4 8.3 14 4,139 0.59 33.5 (5.0) (1.2) 8.0
OGE Energy Corp. OGE 1.57 65.97 43.5 22.71 12 2.38 4.28 1.31 2.04 38.3 4.8 5.3 8 4,959 0.35 21.9 (4.0) 1.9 2.6
ONEOK Partners LP OKS 2.64 71.35 40.2 15.36 12 3.70 2.99 1.16 2.88 91.5 (9.6) 5.1 14 12,490 0.41 38.1 (5.6) 1.8 4.2
Pall Corp. PLL 0.84 33.60 95.7 22.20 7 2.50 1.77 2.42 3.88 16.3 16.6 12.6 11 6,450 1.14 41.5 (13.4) 3.7 (1.9)
PennantPark Investment C PNNT 1.12 509.09 n/a 49.36 9 0.22 5.93 3.62 n/a (56.5) 8.3 8.3 14 393 1.70 47.0 (1.0) 2.6 7.7
Perrigo Company PRGO 0.32 7.66 154.7 26.31 6 4.18 2.04 3.24 5.55 14.8 12.9 12.9 13 10,282 0.65 27.5 (7.7) (3.4) 5.9
PG&E Corp. PCG 1.82 100.55 23.9 23.98 12 1.81 8.42 1.24 1.44 (25.7) (3.8) 2.9 20 18,513 0.27 21.6 (7.7) (3.5) 2.9
Portland General Electric CPOR 1.08 62.07 (9.7) 15.43 12 1.74 3.71 1.12 1.19 17.5 1.6 4.2 10 2,027 0.64 24.4 (3.9) (0.9) 6.7
PSB Holdings Inc. PSBQ 0.76 21.41 (45.3) 7.75 12 3.55 n/a 1.90 0.87 n/a n/a n/a 0 46 n/a 26.1 0.0 6.7 10.6
Quaker Chemical Corp. KWR 0.98 28.00 17.5 13.44 12 3.50 1.34 0.86 2.31 25.3 9.8 10.0 4 612 2.57 100.1 (2.8) 6.0 14.0
Randgold Resources Ltd. GOLD 0.40 8.46 96.2 21.77 12 4.73 2.39 7.64 3.98 269.5 25.6 9.1 8 9,461 0.43 41.2 (14.3) 11.2 6.0
Raytheon Company RTN 2.00 34.78 (2.6) 9.83 12 5.75 1.15 0.77 2.17 10.3 5.1 8.6 22 18,766 0.71 53.1 (0.7) 1.5 11.3
Regal Beloit Corp. RBC 0.76 16.59 6.6 14.86 12 4.58 1.10 0.90 1.72 (1.2) 12.6 13.5 12 2,836 1.39 65.0 (3.6) 3.9 11.2
Reynolds American Inc. RAI 2.36 93.65 89.8 18.29 12 2.52 2.50 3.11 4.43 5.1 6.4 7.3 10 26,067 0.55 34.8 (1.8) 1.0 11.0
RGC Resources Inc. RGCO 0.70 74.47 17.8 19.16 9 0.94 n/a 1.41 1.63 3.0 n/a n/a 0 84 0.11 10.0 (5.9) 0.5 2.0
Robbins & Myers Inc. RBN 0.20 5.88 35.8 17.59 8 3.40 1.76 2.50 2.36 118.3 10.8 10.0 8 2,547 1.21 90.5 (0.6) 22.7 23.6
Robert Half International In RHI 0.60 46.88 105.2 20.55 12 1.28 1.18 0.93 4.61 135.5 20.1 17.4 17 3,729 1.17 36.4 (17.8) (5.2) (6.6)
Rogers Communications InRCI 1.58 54.11 90.4 13.83 12 2.92 1.85 1.67 5.90 10.3 6.7 7.5 8 20,811 0.93 29.1 (1.8) 4.9 8.6
Ryder System R 1.24 34.35 (14.6) 11.08 12 3.61 1.24 0.33 1.48 40.0 14.1 8.9 15 2,045 1.56 23.1 (29.2) 6.3 (14.5)
Safeway Inc. SWY 0.70 37.84 (26.2) 8.46 12 1.85 0.92 0.09 1.45 (3.3) 6.6 9.2 20 3,748 0.75 6.3 (31.3) (3.7) (18.6)
Sanderson Farms Inc. SAFM 0.68 n/a n/a n/a 10 -2.78 n/a 0.46 1.95 n/a 37.9 9.0 10 1,011 0.32 22.5 (20.9) 7.2 (9.1)
Sempra Energy SRE 2.40 65.75 14.3 18.14 12 3.65 2.79 1.66 1.62 88.5 1.7 6.5 10 16,001 0.51 40.8 (8.5) (3.7) 8.7
Senior Housing Properties SNH 1.52 147.57 19.3 21.48 12 1.03 3.61 7.16 1.49 11.3 9.6 6.0 10 3,904 0.99 17.5 (9.0) (0.2) 3.8
Sensient Technologies Cor SXT 0.88 35.34 3.4 14.40 12 2.49 2.94 1.24 1.67 11.3 8.6 4.9 5 1,789 0.87 17.4 (11.2) (0.5) (1.8)
Shire plc SHPG 0.46 9.54 96.4 18.78 12 4.82 n/a 3.63 4.62 n/a n/a n/a 17 16,770 n/a 13.1 (16.8) (0.2) (4.0)
Silgan Holdings Inc. SLGN 0.48 21.15 90.5 18.47 12 2.27 2.25 0.81 4.42 45.2 12.4 8.2 10 2,912 0.45 24.1 (6.8) (0.0) 0.8
Smith & Nephew plc SNN 0.85 20.99 23.9 13.04 12 4.05 3.00 2.23 2.65 (6.0) 2.9 4.4 8 9,485 0.58 26.2 (1.3) 3.2 9.0
Somerset Hills Bancorp SOMH 0.32 51.61 (10.2) 14.98 12 0.62 n/a 3.61 1.21 12.8 4.8 n/a 1 49 0.59 35.6 0.2 8.4 14.4
Southwest Gas Corp. SWX 1.18 47.77 8.8 17.31 12 2.47 6.84 1.02 1.54 7.0 5.9 2.5 6 1,972 0.69 28.2 (6.6) (2.6) 2.1
Spectra Energy Partners L SEP 1.94 116.87 26.3 19.29 12 1.66 4.61 13.61 1.86 (3.9) 1.8 4.2 9 3,148 0.21 29.0 (2.5) 1.9 4.2
Steris Corp. STE 0.76 32.20 24.1 14.51 3 2.36 1.79 1.40 2.39 170.9 14.6 8.1 7 1,989 0.73 28.6 (1.1) 6.7 12.5
StoneMor Partners LP STON 2.34 n/a n/a n/a 12 -0.18 n/a 1.95 2.97 n/a 10.0 13.0 3 468 0.80 24.8 (14.5) (2.6) (1.0)
Strayer Education Inc. STRA 4.00 53.84 103.5 8.72 12 7.43 2.24 1.31 10.69 (8.4) (1.2) 3.9 19 769 0.72 1.2 (44.1) (23.1) (29.9)
Suncor Energy Inc. SU 0.52 18.18 (23.0) 10.94 12 2.86 2.51 1.17 1.22 9.9 6.5 4.4 12 48,345 1.77 40.9 (15.3) 3.5 1.9
Talisman Energy Inc. TLM 0.27 45.00 20.7 23.23 12 0.60 0.79 1.79 1.41 (58.8) 17.9 29.4 16 14,385 1.56 48.1 (15.5) 14.0 15.2
Targa Resources Partners NGLS 2.57 125.37 49.4 19.77 12 2.05 1.90 0.56 2.54 114.7 12.4 10.4 10 3,687 1.19 43.9 (9.3) 6.5 5.2
TECO Energy Inc. TE 0.88 71.54 1.4 14.11 12 1.23 3.73 1.18 1.64 14.1 2.4 3.8 19 3,746 0.78 12.8 (7.2) (2.4) (1.2)
Teekay LNG Partners LP TGP 2.70 228.81 89.5 33.66 12 1.18 5.30 6.67 2.40 (10.3) 13.8 6.4 8 2,576 0.50 48.7 (4.4) 1.6 8.5
Teekay Offshore Partners TOO 2.05 n/a n/a n/a 12 -1.23 n/a 2.06 4.92 n/a 17.1 6.2 6 2,005 0.63 37.3 (3.0) 0.5 3.2
Texas Instruments TXN 0.68 49.64 67.0 21.20 12 1.37 2.36 2.48 2.96 (28.4) 27.2 9.0 39 33,041 1.10 22.0 (14.2) 3.4 (3.4)
Texas Pacific Land Trust TPL 0.23 9.13 427.5 23.33 12 2.52 n/a 14.01 26.84 88.8 n/a n/a 0 533 1.08 75.8 (4.4) 1.9 16.8
Textainer Group Holdings LTGH 1.68 42.86 (3.4) 9.01 12 3.92 0.75 3.78 2.33 56.3 6.2 12.0 10 1,751 1.69 89.3 (9.2) (3.8) 8.7
Tim Hortons Inc. THI 0.85 32.98 143.8 19.67 12 2.57 1.49 2.58 6.80 (34.3) 13.3 13.2 9 7,832 0.72 14.3 (12.8) (2.8) (1.6)
Torchmark Corp. TMK 0.60 11.95 (25.6) 10.20 12 5.02 1.06 1.41 1.22 11.3 8.9 9.7 15 4,883 1.58 57.2 (1.6) 1.3 8.2
Tower Group Inc. TWGP 0.75 182.93 18.9 45.46 12 0.41 2.53 0.38 0.70 (38.2) 90.3 18.0 6 715 0.60 5.2 (22.2) (6.2) (10.1)
TransAlta Corp. TAC 1.18 n/a n/a n/a 12 -2.81 n/a 1.44 1.81 12.2 22.4 41.0 5 3,474 0.90 3.4 (30.3) (5.4) (14.6)
Transmontaigne Partners TLP 2.56 105.35 0.1 15.04 12 2.43 5.01 3.44 1.50 72.9 2.7 3.0 4 528 0.63 29.7 (3.7) 4.2 11.1
Travelers Companies TRV 1.84 33.21 (27.9) 11.69 12 5.54 1.16 0.98 1.00 (49.2) 2.2 10.1 22 24,948 0.67 44.0 (1.5) 2.0 7.8
Triangle Capital Corp. TCAP 2.00 80.32 (16.0) 9.86 12 2.49 0.66 8.86 1.61 45.9 5.2 15.0 9 670 0.52 93.9 (4.3) 5.6 23.7
Union Pacific UNP 2.40 31.05 45.0 15.71 12 7.73 1.13 2.80 3.01 21.6 13.9 13.9 31 57,515 1.17 59.7 (3.8) 1.4 9.7
United Community Bancor UCBA 0.44 169.23 5.5 26.38 6 0.26 n/a 2.95 0.95 68.7 n/a n/a 0 54 0.53 36.6 (8.6) 11.1 20.3
United Financial Bancorp UBNK 0.40 51.95 (13.4) 18.53 6 0.77 1.24 3.20 0.91 12.9 24.1 15.0 3 221 0.42 8.3 (14.6) 0.4 (6.2)
Utah Medical Products Inc. UTMD 0.96 37.94 27.6 13.36 12 2.53 n/a 2.98 2.74 23.2 7.3 n/a 0 125 0.15 37.1 (5.4) (0.2) 10.1
Vanguard Natural Resourc VNR 2.40 58.97 (30.6) 7.03 12 4.07 2.13 3.55 1.54 95.5 40.9 3.3 9 1,478 0.96 43.4 (1.1) 5.6 9.8
Verizon Communications VZ 2.00 200.00 150.6 42.94 12 1.00 4.67 1.08 3.29 (5.9) 13.3 9.2 37 122,331 0.52 30.4 (7.5) (2.7) 8.1
Visa Inc. V 0.88 87.13 330.2 126.98 9 1.01 6.51 10.33 3.28 32.0 16.3 19.5 34 104,033 0.77 58.2 (3.1) 1.5 12.3
VSE Corp. VSEC 0.32 6.71 (58.9) 4.87 12 4.77 0.61 0.21 0.78 (13.9) (2.5) 8.0 3 123 0.89 13.2 (24.1) 0.4 (2.5)
Waste Management WM 1.42 72.08 42.4 17.55 12 1.97 2.29 1.17 2.60 3.2 10.7 7.7 8 16,030 0.55 24.2 (3.8) 2.6 4.0
Westar Energy WR 1.32 66.33 (7.3) 14.63 12 1.99 2.67 1.67 1.32 7.3 5.6 5.5 12 3,678 0.55 21.9 (11.9) (3.1) 3.3
Western Gas Partners LP WES 1.92 122.29 97.3 30.41 12 1.57 2.21 5.92 2.88 (4.1) 11.2 13.8 12 4,574 0.38 58.8 0.5 6.6 11.9
Westlake Chemical Corp. WLK 0.75 16.85 27.1 15.46 12 4.45 2.44 1.21 2.35 16.0 10.8 6.3 8 4,581 1.85 121.6 (1.7) 14.0 24.3
Williams Companies WMB 1.25 100.00 179.7 25.82 12 1.25 2.00 2.55 6.82 662.5 20.2 12.9 10 20,216 1.32 87.7 (4.9) 5.9 11.1
Williams Partners LP WPZ 3.17 102.26 25.8 16.64 12 3.10 3.66 2.72 2.14 38.6 4.1 4.6 7 18,320 1.11 10.8 (17.9) (0.6) (6.6)
Williams-Sonoma Inc. WSM 0.88 38.10 63.1 17.76 1 2.31 1.40 1.06 3.37 21.6 10.7 12.6 25 4,071 1.71 47.1 (4.5) 13.5 12.6
Wisconsin Energy WEC 1.20 52.40 25.3 16.58 12 2.29 2.42 2.03 2.13 13.5 3.5 6.9 17 8,748 0.31 31.5 (7.8) (3.8) 6.2
Xcel Energy XEL 1.08 62.43 6.7 16.12 12 1.73 3.30 1.33 1.59 6.5 6.8 4.9 16 13,598 0.35 23.2 (6.8) (2.6) 3.5
Yum! Brands Inc. YUM 1.14 35.74 248.4 19.97 12 3.19 1.50 2.18 13.67 15.1 14.7 13.3 22 29,047 0.90 37.7 (14.0) (1.8) (1.4)
Averages: 190 77.18 51.6 22.37 2.53 3.02 2.89 3.03 20.6 22.5 9.5 12 12,680 0.86 34.8 (9.8) 1.8 4.0
Averages for 366 68.74 45.7 20.43 2.78 4.78 2.84 2.87 15.9 16.2 8.3 11 13,870 0.79 33.4 (9.6) 1.9 3.8
Averages for 471 65.39 48.6 20.02 2.88 4.55 2.66 3.00 18.3 15.5 8.3 11 16,914 0.79 33.6 (5.7) 1.8 3.9
Challengers Dividends Paid by Year
A. Schulman Inc. SHLM 1.119 5.0 2.2 1.8 1.6 0.6350 0.6050 0.6000 0.5950 0.5800 0.5800 0.5800 0.5400 0.5400 0.5400 0.5400 0.5400 0.5000
Aaron's Inc. AAN 0.430 8.3 6.8 6.9 15.9 0.0520 0.0480 0.0453 0.0427 0.0400 0.0373 0.0353 0.0265 0.0119 0.0119 0.0119 0.0119 0.0119
Accenture plc ACN n/a 36.4 31.0 26.3 n/a 1.1250 0.8250 0.7500 0.5000 0.4200 0.3500 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Acme United Corp. ACU n/a 19.0 13.7 15.8 n/a 0.2500 0.2100 0.2000 0.1700 0.1500 0.1200 0.1000 0.0400 0.0000 0.0000 0.0000 0.0000 0.0000
Alliance Financial Corp. ALNC 1.353 6.1 7.3 6.8 5.0 1.2100 1.1400 1.0600 0.9800 0.8800 0.8700 0.8400 0.8400 0.8300 0.7800 0.7400 0.6833 0.3343
Alliance Holdings GP LP AHGP n/a 19.7 20.0 39.5 n/a 2.2750 1.9000 1.6850 1.3175 1.0300 0.4300 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Alliant Energy Corp. LNT (5.044) 7.6 6.7 8.1 (1.6) 1.7000 1.5800 1.5000 1.4000 1.2700 1.1500 1.0500 1.0125 1.0000 2.0000 2.0000 2.0000 2.0000
Altera Corp. ALTR n/a 27.3 13.8 n/a n/a 0.2800 0.2200 0.2000 0.1900 0.1200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
American Equity InvestmentAEL n/a 20.0 19.7 19.1 n/a 0.1200 0.1000 0.0800 0.0700 0.0600 0.0500 0.0400 0.0200 0.0100 0.0000 0.0000 0.0000 0.0000
American Financial Group IAFG (198.453) 15.2 9.8 12.5 (0.1) 0.6625 0.5750 0.5200 0.5000 0.4000 0.3680 0.3333 0.3333 0.3333 0.3333 0.6667 0.6667 0.6667
American Greetings AM 3.284 9.3 8.7 13.0 4.0 0.5900 # 0.5400 0.4800 0.4600 0.3800 0.3200 0.3000 0.0600 0.0000 0.0000 0.4000 0.8200 0.7800
American Science and EngiASEI n/a 16.7 20.5 n/a n/a 1.4000 1.2000 0.8000 0.8000 0.6000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
American Water Works AWK n/a 4.7 31.0 n/a n/a 0.9000 0.8600 0.8200 0.4000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
AmeriGas Partners LP APU 1.705 5.0 5.0 4.9 2.9 2.9250 2.7850 2.6500 2.5300 2.4100 2.3000 2.2300 2.2000 2.2000 2.2000 2.2000 2.2000 2.2000
Ameriprise Financial Inc. AMP n/a 22.5 9.6 14.6 n/a 0.8700 0.7100 0.6800 0.6600 0.5600 0.4400 0.1100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
AmerisourceBergen Corp. ABC 0.914 35.3 41.5 49.1 53.7 0.4600 0.3400 0.2400 0.1625 0.1125 0.0625 0.0313 0.0250 0.0250 0.0250 0.0063 0.0000 0.0000
AmTrust Financial ServicesAFSI n/a 22.2 24.7 n/a n/a 0.3300 0.2700 0.2200 0.1700 0.0900 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Assurant Inc. AIZ n/a 11.1 9.0 13.0 n/a 0.7000 0.6300 0.5900 0.5400 0.4600 0.3800 0.3100 0.2100 0.0000 0.0000 0.0000 0.0000 0.0000
Astrazeneca plc AZN 1.047 12.0 12.4 13.9 13.3 2.7000 2.4100 2.0900 1.9000 1.7500 1.4100 1.0250 0.8350 0.7770 0.7780 0.7780 0.7780 0.6060
Bank of Marin Bancorp BMRC n/a 6.6 5.1 7.4 n/a 0.6500 0.6100 0.5700 0.5600 0.5100 0.4552 0.1905 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Bar Harbor Bankshares BHB 1.045 4.8 2.4 3.9 3.7 1.0950 1.0450 1.0400 1.0200 0.9550 0.9050 0.8400 0.8000 0.7600 0.7600 0.7600 0.7600 0.7200
Baxter International Inc. BAX 2.078 6.9 12.1 16.3 7.8 1.2400 1.1600 1.0400 0.8800 0.6800 0.5825 0.5825 0.5825 0.5825 0.5825 0.5825 0.2900 1.1600
Birner Dental Management BDMS n/a 9.1 8.4 11.4 n/a 0.8400 0.7700 0.6800 0.6600 0.5800 0.4900 0.3375 0.1125 0.0000 0.0000 0.0000 0.0000 0.0000
Boardwalk Pipeline Partne BWP n/a 3.2 3.9 9.7 n/a 2.0950 2.0300 1.9500 1.8700 1.7350 1.3190 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Bob Evans Farms BOBE 1.247 18.4 15.8 11.6 9.3 0.9000 0.7600 0.6600 0.5800 0.5600 0.5200 0.4800 0.4800 0.4600 0.4200 0.3700 0.3600 0.3600
BOK Financial Corp. BOKF n/a 14.1 8.9 15.5 n/a 1.1300 0.9900 0.9450 0.8750 0.7500 0.5500 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Brinker International EAT n/a 13.2 10.9 15.7 n/a 0.6000 0.5300 0.4400 0.4400 0.3800 0.2900 0.0667 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Broadridge Financial Soluti BR n/a 7.0 34.6 n/a n/a 0.6100 0.5700 0.3500 0.2500 0.1200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Brookfield Infrastructure P BIP n/a 20.0 14.3 n/a n/a 1.3200 1.1000 1.0600 0.8830 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
CAE Inc. CAE n/a 18.2 21.2 34.4 0.1 0.1620 0.1370 0.1070 0.0910 0.0370 0.0370 0.0370 0.1050 0.1200 0.1200 0.1600 0.2000 0.0000
Campbell Soup Co. CPB 2.789 5.5 8.4 9.4 3.4 1.1600 1.1000 1.0000 0.9100 0.8200 0.7400 0.6900 0.6425 0.6300 0.6300 0.8325 0.9000 0.9000
CenterPoint Energy CNP (0.911) 1.3 2.7 5.7 (6.2) 0.7900 0.7800 0.7600 0.7300 0.6800 0.6000 0.3000 0.4000 0.7925 1.0700 1.5000 1.5000 1.5000
Chesapeake Utilities CPK 1.507 4.7 4.0 3.3 2.2 1.3500 1.2900 1.2400 1.2000 1.1700 1.1500 1.1300 1.1100 1.1000 1.1000 1.0900 1.0600 1.0200
China Mobile Limited CHL n/a 10.1 8.1 19.8 n/a 2.0372 1.8500 1.7740 1.6120 1.1230 0.8240 0.0000 0.2560 0.3080 0.0000 0.0000 0.0000 0.0000
CMS Energy Corp. CMS n/a 27.3 32.6 n/a (5.4) 0.8400 0.6600 0.5000 0.3600 0.2000 0.0000 0.0000 0.0000 0.0000 1.0900 1.4600 1.4600 1.3900
Coca-Cola Enterprises Inc. CCE 1.324 30.8 22.1 16.3 12.3 0.5100 0.3900 0.3000 0.2800 0.2400 0.2400 0.1600 0.1600 0.1600 0.1600 0.1600 0.1600 0.1600
Coca-Cola FEMSA S.A.B. dKOF 1.689 70.2 59.5 42.2 25.0 1.9679 1.1560 0.5080 0.4850 0.3970 0.3390 0.3040 0.2570 0.0000 0.4250 0.2120 0.1540 0.1220
Columbia Sportswear Co. COLM n/a 16.2 10.4 43.8 n/a 0.8600 0.7400 0.6600 0.6400 0.5800 0.1400 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Comcast Corp. CMCSA n/a 13.8 32.1 n/a n/a 0.4325 0.3800 0.2650 0.1875 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0073
Compass Minerals Internat CMP n/a 15.4 10.3 8.1 n/a 1.8000 1.5600 1.4200 1.3400 1.2800 1.2200 1.1000 0.9375 0.0000 0.0000 0.0000 0.0000 0.0000
ConAgra Foods Inc. CAG 12.581 12.0 7.0 2.7 0.2 0.9300 0.8300 0.7700 0.7600 0.7300 0.8125 1.0900 1.0525 1.0025 0.9525 0.9100 0.8370 0.7380
Costco Wholesale COST n/a 16.4 14.0 12.9 n/a 0.9250 0.7950 0.7000 0.6250 0.5650 0.5050 0.4450 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000
Covidien plc COV n/a 11.5 8.8 n/a n/a 0.8250 0.7400 0.6600 0.6400 0.1600 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Crane Company CR 1.306 14.0 8.8 12.2 9.4 0.9800 0.8600 0.8000 0.7600 0.6600 0.5500 0.4500 0.4000 0.4000 0.4000 0.4000 0.4000 0.4000
Crestwood Midstream Part CMLP n/a 11.7 11.2 n/a n/a 1.8100 1.6200 1.5000 1.3150 0.1680 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
CSX Corp. CSX 2.517 36.7 20.3 32.3 12.9 0.4467 0.3267 0.2933 0.2567 0.1800 0.1100 0.0717 0.0667 0.0667 0.0667 0.1333 0.2000 0.2000
Cummins Inc. CMI 2.001 51.4 30.2 32.1 16.0 1.3250 0.8750 0.7000 0.6000 0.4300 0.3300 0.3000 0.3000 0.3000 0.3000 0.3000 0.3000 0.2813
CVS Caremark CVS 1.667 42.9 24.7 26.2 15.7 0.5000 0.3500 0.3040 0.2580 0.2290 0.1560 0.1460 0.1340 0.1160 0.1160 0.1160 0.1160 0.1160
Daktronics Inc. DAKT n/a 120.0 34.7 29.7 n/a 0.2200 0.1000 0.0950 0.0900 0.0700 0.0600 0.0500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Darden Restaurants DRI 0.717 31.6 25.4 28.4 39.6 1.5000 1.1400 0.9000 0.7600 0.5900 0.4300 0.2400 0.0800 0.0800 0.0667 0.0533 0.0533 0.0533
DCP Midstream Partners L DPM n/a 3.9 2.1 15.4 n/a 2.5150 2.4200 2.4000 2.3600 1.9750 1.2300 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Deere & Company DE 1.082 31.0 12.8 14.3 13.2 1.5200 1.1600 1.1200 1.0600 0.9100 0.7800 0.6050 0.5300 0.4400 0.4400 0.4400 0.4400 0.4400
Delta Natural Gas DGAS 1.448 3.8 3.1 2.7 1.8 0.6900 0.6650 0.6450 0.6300 0.6150 0.6050 0.5950 0.5900 0.5900 0.5850 0.5750 0.5700 0.5700
DeVry Inc. DV n/a 20.0 26.0 n/a n/a 0.2400 0.2000 0.1600 0.1200 0.1000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Digital Realty Trust DLR n/a 40.2 29.9 20.7 n/a 2.7200 1.9400 1.3500 1.2400 1.1450 1.0600 0.8876 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Dominion Resources D 1.706 7.7 7.6 7.4 4.3 1.9700 1.8300 1.7500 1.5800 1.4600 1.3800 1.3400 1.3000 1.2900 1.2900 1.2900 1.2900 1.2900
Duke Energy Corp. DUK 1.391 2.1 3.2 6.2 4.5 2.9700 2.9100 2.8200 2.7000 2.5800 2.1966 2.0397 1.9176 1.9176 1.9176 1.9176 1.9176 1.9176
Dun & Bradstreet Corp. DNB n/a 2.9 6.3 n/a n/a 1.4400 1.4000 1.3600 1.2000 1.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2775 0.3700
Dynex Capital Inc. DX n/a 14.9 31.0 n/a n/a 1.0800 0.9400 0.9200 0.4800 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Ecology & Environment Inc EEI 1.498 11.6 9.1 7.0 4.6 0.4800 0.4300 0.4100 0.3700 0.3514 0.3429 0.3238 0.3238 0.3238 0.3048 0.3048 0.3048 0.3048
Edison International EIX n/a 1.6 1.6 3.5 n/a 1.2800 1.2600 1.2400 1.2200 1.1600 1.0800 1.0000 0.8000 0.0000 0.0000 0.0000 1.1100 1.0700
El Paso Pipeline Partners EPB n/a 20.6 22.8 n/a n/a 1.8700 1.5500 1.3250 1.0110 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Enbridge Energy Partners EEP 1.382 3.3 2.5 2.5 1.8 2.0920 2.0245 1.9800 1.9400 1.8625 1.8500 1.8500 1.8500 1.8500 1.8000 1.7500 1.7500 1.7425
Energy Transfer Equity LP ETE n/a 8.8 6.4 31.0 n/a 2.3500 2.1600 2.1050 1.9500 1.4590 0.6090 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Ensign Group Inc. ENSG n/a 10.0 11.2 n/a n/a 0.2200 0.2000 0.1800 0.1600 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Epoch Holding Corp. EPHC n/a 30.0 33.2 n/a n/a 0.2600 0.2000 0.1200 0.1100 0.0250 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Equity LifeStyle Properties ELS n/a 18.8 23.9 41.6 (2.0) 1.4250 1.2000 1.0000 0.7500 0.5250 0.2500 0.0875 0.0375 1.9600 1.8700 1.7500 1.6225 1.5180
EV Energy Partners LP EVEP n/a 0.5 4.4 n/a n/a 3.0420 3.0260 3.0100 2.6700 1.9200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Evercore Partners Inc. EVR n/a 17.5 15.5 n/a n/a 0.7400 0.6300 0.5100 0.4800 0.4100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Exterran Partners LP EXLP n/a 3.5 3.4 n/a n/a 1.9200 1.8550 1.8500 1.7375 1.3775 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Farmers and Merchants BaFMAO 0.655 5.6 4.8 5.3 8.1 0.7600 0.7200 0.7200 0.6600 0.6300 0.5875 0.4750 0.0000 0.1250 0.2250 0.3500 0.1750 0.2000
Finish Line Inc. (The) FINL n/a 25.0 49.4 14.9 n/a 0.2000 0.1600 0.1200 0.0600 0.0500 0.1000 0.1000 0.0500 0.0000 0.0000 0.0000 0.0000 0.0000
Flowserve Corp. FLS n/a 9.6 11.6 n/a n/a 1.2500 1.1400 1.0600 0.9000 0.4500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Frisch's Restaurants Inc. FRS 1.066 13.0 8.3 6.8 6.3 0.6100 0.5400 0.4900 0.4800 0.4400 0.4400 0.4400 0.4400 0.3800 0.3600 0.3300 0.3200 0.2900
G&K Services Inc. GKSR 1.534 32.4 23.3 31.4 20.5 0.4500 0.3400 0.2900 0.2400 0.1800 0.1150 0.0700 0.0700 0.0700 0.0700 0.0700 0.0700 0.0700
Gap Inc. GPS 0.522 13.6 9.3 8.9 17.1 0.4375 0.3850 0.3400 0.3350 0.3200 0.2850 0.1575 0.0900 0.0900 0.0900 0.0900 0.0900 0.0810
General Mills GIS 1.421 11.4 12.4 11.1 7.8 1.1700 1.0500 0.9000 0.8250 0.7600 0.6900 0.6400 0.5850 0.5500 0.5500 0.5500 0.5500 0.5500
Genesis Energy LP GEL 2.317 10.7 10.5 17.4 7.5 1.6500 1.4900 1.3650 1.2225 0.9300 0.7400 0.6100 0.6000 0.3500 0.8000 0.8000 1.7800 2.0000
Greif Inc. B GEF.B 0.993 5.0 8.4 22.9 23.1 2.5100 2.3900 2.2700 1.9700 1.3750 0.8950 0.5950 0.4450 0.4150 0.4150 0.3150 0.2950 0.0000
Guess? Inc. GES n/a 32.2 33.0 n/a n/a 0.8000 # 0.6050 0.4250 0.3400 0.2000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
H.J.Heinz Co. HNZ 4.560 6.9 5.4 7.4 1.6 1.8600 1.7400 1.6700 1.5900 1.4600 1.3000 1.1700 1.1100 1.2500 1.6200 1.5825 1.4950 1.3950
Hanover Insurance Group THG 1.864 12.5 35.7 30.3 16.2 1.1250 1.0000 0.7500 0.4500 0.4000 0.3000 0.2500 0.0000 0.0000 0.0000 0.2500 0.2500 0.2500
Hasbro Inc. HAS 0.880 21.1 14.8 22.3 25.4 1.1500 0.9500 0.8000 0.7600 0.6000 0.4200 0.3300 0.2100 0.1200 0.1200 0.1200 0.2400 0.2333
Hawkins Inc. HWKN 1.117 10.3 8.6 8.8 7.9 0.6400 0.5800 0.5400 0.5000 0.4600 0.4200 0.3800 0.3600 0.3600 0.3000 0.3000 0.3200 0.1150
Health Care REIT Inc. HCN 1.147 3.5 1.6 2.2 1.9 2.8350 2.7400 2.7200 2.7000 2.2790 2.5400 2.4600 2.3850 2.3400 2.3400 2.3400 2.3350 2.2700
HEICO Corp. HEI 1.066 25.0 19.1 16.1 15.1 0.0864 0.0691 0.0614 0.0512 0.0410 0.0410 0.0256 0.0256 0.0233 0.0233 0.0212 0.0202 0.0192
Hillenbrand Inc. HI n/a 1.3 11.5 n/a n/a 0.7625 0.7525 0.7425 0.5500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Holly Energy Partners LP HEP n/a 4.9 5.1 5.9 n/a 3.4400 3.2800 3.1200 2.9600 2.7850 2.5850 1.1750 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Hubbell Inc. B HUB-B 2.013 4.9 3.3 2.6 1.3 1.5000 1.4300 1.4000 1.3600 1.3200 1.3200 1.3200 1.3200 1.3200 1.3200 1.3200 1.3000 1.2600
Intel Corp. INTC 0.561 24.2 12.6 14.4 25.6 0.7824 0.6300 0.5600 0.5475 0.4500 0.4000 0.3200 0.1600 0.0800 0.0800 0.0800 0.0700 0.0600
International Speedway Co ISCA 1.516 12.5 14.5 17.6 11.6 0.1800 0.1600 0.1400 0.1200 0.1000 0.0800 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600
ITC Holdings Corp. ITC n/a 5.0 4.9 5.0 n/a 1.3750 1.3100 1.2500 1.1900 1.1300 1.0750 0.5250 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
J&J Snack Foods Corp. JJSF n/a 7.0 7.5 8.9 n/a 0.4600 0.4300 0.3900 0.3700 0.3400 0.3000 0.2500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
JB Hunt Transport ServicesJBHT n/a 8.3 9.1 10.2 n/a 0.5200 0.4800 0.4400 0.4000 0.3600 0.3200 0.2400 0.0450 0.0000 0.0000 0.0000 0.0125 0.0500
Kaydon Corp. KDN 2.048 5.5 7.5 9.9 4.8 0.7700 0.7300 0.6900 0.6200 0.5100 0.4800 0.4800 0.4800 0.4800 0.4800 0.4800 0.4400 0.3900
Kellogg Company K 1.539 7.1 8.7 7.9 5.2 1.6700 1.5600 1.4300 1.3000 1.2000 1.1400 1.0600 1.0100 1.0100 1.0100 1.0100 1.0100 0.9600
Kinross Gold Corp. KGC n/a 10.0 11.2 n/a n/a 0.1100 0.1000 0.0900 0.0800 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Knight Transportation Inc. KNX n/a 4.3 17.0 24.6 n/a 0.2400 0.2300 0.1900 0.1500 0.1100 0.0800 0.0533 0.0133 0.0000 0.0000 0.0000 0.0000 0.0000
Kroger Company KR n/a 10.3 7.6 17.1 n/a 0.4300 0.3900 0.3650 0.3450 0.2900 0.1950 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
L-3 Communications HoldinLLL n/a 12.5 14.5 19.1 n/a 1.8000 1.6000 1.4000 1.2000 1.0000 0.7500 0.5000 0.4000 0.0000 0.0000 0.0000 0.0000 0.0000
Laclede Group Inc. LG 1.394 2.5 2.6 2.7 1.9 1.6200 1.5800 1.5400 1.5000 1.4600 1.4200 1.3800 1.3600 1.3400 1.3400 1.3400 1.3400 1.3400
Lake Shore Bancorp Inc. LSBK n/a 16.7 13.8 56.3 n/a 0.2800 0.2400 0.2000 0.1900 0.1300 0.0300 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Landauer Inc. LDR 0.886 2.3 3.2 4.1 4.6 2.2000 2.1500 2.1000 2.0000 1.9000 1.8000 1.7000 1.6000 1.5000 1.4000 1.4000 1.4000 1.4000
Landstar System Inc. LSTR n/a 10.5 10.7 13.8 n/a 0.2100 0.1900 0.1700 0.1550 0.1350 0.1100 0.0500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Lazard Limited LAZ n/a 21.0 14.8 n/a n/a 0.6050 0.5000 0.4500 0.4000 0.3600 0.3600 0.1420 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Lockheed Martin LMT 0.951 23.1 21.1 21.1 22.1 3.2500 2.6400 2.3400 1.8300 1.4700 1.2500 1.0500 0.9100 0.5800 0.4400 0.4400 0.4400 0.8800
Lorillard Inc. LO n/a 22.4 41.4 n/a n/a 5.2000 4.2500 3.8400 1.8400 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Medicis Pharmaceutical CoMRX n/a 36.4 26.0 20.1 n/a 0.3000 0.2200 0.1600 0.1500 0.1200 0.1200 0.1200 0.1050 0.0500 0.0000 0.0000 0.0000 0.0000
Mesa Laboratories Inc. MLAB n/a 8.9 7.0 11.1 n/a 0.4900 0.4500 0.4100 0.4000 0.3200 0.2900 0.2500 0.2100 0.0500 0.0000 0.0000 0.0000 0.0000
Microsoft Corp. MSFT n/a 23.6 13.9 12.9 n/a 0.6800 0.5500 0.5200 0.4600 0.4100 0.3700 0.3200 0.1600 0.2400 0.0000 0.0000 0.0000 0.0000
Molex Inc. MOLX 1.101 23.0 15.2 24.6 22.3 0.7500 0.6100 0.6100 0.4900 0.3375 0.2500 0.1625 0.1125 0.1000 0.1000 0.1000 0.1000 0.0700
Monro Muffler Brake Inc. MNRO n/a 37.8 28.6 26.1 n/a 0.3400 0.2467 0.1800 0.1600 0.1422 0.1067 0.0444 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
MSC Industrial Direct Co. I MSM n/a 8.3 6.2 10.2 n/a 0.9100 0.8400 0.8000 0.7600 0.6800 0.5600 0.4600 0.3400 0.1000 0.0000 0.0000 0.0000 0.0000
National CineMedia Inc. NCMI n/a 16.7 10.7 n/a n/a 0.8400 0.7200 0.6400 0.6200 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
National Healthcare Corp. NHC n/a 7.4 8.8 11.9 n/a 1.1600 1.0800 1.0000 0.9000 0.7800 0.6600 0.5500 0.3750 0.0000 0.0000 0.0000 0.0000 0.0000
National Interstate Corp. NATL n/a 12.5 14.5 17.6 n/a 0.3600 0.3200 0.2800 0.2400 0.2000 0.1600 0.0800 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
National Research Corp. NRCI n/a 15.8 16.3 17.1 n/a 0.8800 0.7600 0.6400 0.5600 0.4800 0.4000 0.3200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Natural Resource Partners NRP n/a 0.5 2.4 6.1 n/a 2.1700 2.1600 2.1550 2.0200 1.8350 1.6115 1.4010 1.1880 1.0035 0.0000 0.0000 0.0000 0.0000
Navios Maritime Partners NMM n/a 4.5 11.4 n/a n/a 1.7400 1.6650 2.0050 1.2600 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
NewMarket Corp. NEU n/a 38.7 37.5 40.9 n/a 2.0800 1.5000 0.9000 0.8000 0.5000 0.3750 0.0000 0.0000 0.0000 0.0000 0.0000 0.1875 0.2500
Northrop Grumman NOC 1.185 7.1 7.9 11.2 9.4 1.9700 1.8400 1.6900 1.5700 1.4800 1.1600 1.0100 0.8900 0.8000 0.8000 0.8000 0.8000 0.8000
NorthWestern Corp. NWE n/a 5.9 2.9 3.0 n/a 1.4400 1.3600 1.3400 1.3200 1.2800 1.2400 1.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
NuStar GP Holdings LLC NSH n/a 6.8 8.9 50.0 n/a 1.9500 1.8250 1.7250 1.5100 1.3400 0.2570 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
NV Energy Inc. NVE n/a 8.9 14.1 n/a (5.4) 0.4900 0.4500 0.4100 0.3300 0.1600 0.0000 0.0000 0.0000 0.0000 0.2000 0.8500 1.0000 0.9618
OGE Energy Corp. OGE 2.012 3.4 2.6 2.4 1.2 1.5000 1.4500 1.4200 1.3900 1.3600 1.3300 1.3300 1.3300 1.3300 1.3300 1.3300 1.3300 1.3300
ONEOK Partners LP OKS 1.161 4.3 3.4 5.3 4.5 2.3250 2.2300 2.1650 2.1025 1.9900 1.8000 1.6000 1.6000 1.6000 1.6000 1.4938 1.3250 1.2200
Pall Corp. PLL n/a 9.4 11.1 9.7 0.3 0.7000 0.6400 0.5800 0.5100 0.4800 0.4400 0.4000 0.3600 0.3600 0.4400 0.6800 0.6600 0.6400
PennantPark Investment C PNNT n/a 3.9 5.9 n/a n/a 1.0700 1.0300 0.9600 0.9000 0.3600 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Perrigo Company PRGO n/a 12.6 12.3 10.9 n/a 0.2900 0.2575 0.2275 0.2050 0.1850 0.1725 0.1625 0.1450 0.1100 0.0000 0.0000 0.0000 0.0000
PG&E Corp. PCG 0.336 2.0 6.0 6.6 19.8 1.8200 1.7850 1.6500 1.5300 1.4100 1.3200 0.9000 0.0000 0.0000 0.0000 0.3000 1.2000 1.2000
Portland General Electric CPOR n/a 1.9 3.0 18.5 n/a 1.0500 1.0300 1.0000 0.9600 0.9200 0.4500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
PSB Holdings Inc. PSBQ n/a 2.8 2.9 3.0 n/a 0.6953 0.6762 0.6571 0.6381 0.6191 0.6000 0.5809 0.5578 0.6122 0.4898 0.4672 0.4535 0.4354
Quaker Chemical Corp. KWR n/a 2.2 1.6 2.0 n/a 0.9500 0.9300 0.9200 0.9050 0.8600 0.8600 0.8600 0.8550 0.8400 0.8350 0.8200 0.7900 0.7650
Randgold Resources Ltd. GOLD n/a 17.6 18.6 n/a n/a 0.2000 0.1700 0.1300 0.1200 0.1000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Raytheon Company RTN 0.106 16.0 15.0 12.1 114.7 1.6650 1.4350 1.2100 1.0950 1.0050 0.9400 0.8600 0.8000 0.8000 0.2006 0.0008 0.0008 0.0008
Regal Beloit Corp. RBC 1.385 6.1 4.1 5.3 3.8 0.7000 0.6600 0.6400 0.6200 0.5800 0.5400 0.5000 0.4800 0.4800 0.4800 0.4800 0.4800 0.4800
Reynolds American Inc. RAI 0.930 16.8 8.1 9.4 10.1 2.1500 1.8400 1.7250 1.7000 1.6000 1.3750 1.0500 0.9500 0.9500 0.9312 0.8250 0.7750 0.3875
RGC Resources Inc. RGCO 1.293 3.0 2.9 2.5 2.0 0.6800 0.6600 0.6400 0.6250 0.6100 0.6000 0.5900 0.5850 0.5700 0.5700 0.5600 0.5500 0.5400
Robbins & Myers Inc. RBN 2.050 5.9 6.3 10.4 5.0 0.1800 0.1700 0.1600 0.1500 0.1300 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100
Robert Half International In RHI n/a 7.7 8.4 11.8 n/a 0.5600 0.5200 0.4800 0.4400 0.4000 0.3200 0.2800 0.1800 0.0000 0.0000 0.0000 0.0000 0.0000
Rogers Communications InRCI 1.644 15.9 18.0 81.4 49.5 1.3950 1.2040 0.9360 0.8490 0.3045 0.0710 0.0500 0.0500 0.0250 0.0000 0.0250 0.0250 0.0000
Ryder System R 1.435 9.8 6.8 9.2 6.4 1.1200 1.0200 0.9600 0.9200 0.8400 0.7200 0.6400 0.6000 0.6000 0.6000 0.6000 0.6000 0.6000
Safeway Inc. SWY n/a 20.5 20.5 19.7 n/a 0.5300 0.4400 0.3650 0.3030 0.2540 0.2160 0.1000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Sanderson Farms Inc. SAFM 0.408 9.7 6.7 7.2 17.7 0.6800 0.6200 0.5700 0.5600 0.5000 0.4800 0.4200 0.3200 0.2733 0.2667 0.1333 0.1333 0.1333
Sempra Energy SRE 1.443 17.3 11.2 9.0 6.2 1.8300 1.5600 1.5200 1.3300 1.2300 1.1900 1.1200 1.0000 1.0000 1.0000 1.0000 1.1400 1.5600
Senior Housing Properties SNH 1.121 2.8 2.1 2.5 2.2 1.4900 1.4500 1.4300 1.4000 1.3800 1.3200 1.2800 1.2600 1.2400 1.2400 1.2000 0.9000 0.0000
Sensient Technologies Cor SXT 1.414 6.3 4.3 6.6 4.7 0.8400 0.7900 0.7600 0.7400 0.6800 0.6100 0.6000 0.6000 0.5900 0.5400 0.5320 0.5320 0.5300
Shire plc SHPG n/a 15.6 15.7 15.9 n/a 0.4000 0.3460 0.2970 0.2580 0.2210 0.1910 0.1710 0.0550 0.0000 0.0000 0.0000 0.0000 0.0000
Silgan Holdings Inc. SLGN n/a 4.8 9.0 12.9 n/a 0.4400 0.4200 0.3800 0.3400 0.3200 0.2400 0.2000 0.1125 0.0000 0.0000 0.0000 0.0000 0.0000
Smith & Nephew plc SNN 1.181 9.9 10.0 10.0 8.5 0.8210 0.7470 0.6790 0.6170 0.5580 0.5100 0.4580 0.4610 0.4205 0.3855 0.3645 0.4850 0.0000
Somerset Hills Bancorp SOMH n/a 21.8 12.1 21.8 n/a 0.2500 0.2052 0.1905 0.1772 0.1330 0.0933 0.0321 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Southwest Gas Corp. SWX 2.026 6.8 5.8 5.2 2.6 1.0550 0.9875 0.9375 0.8900 0.8500 0.8200 0.8200 0.8200 0.8300 0.8200 0.8200 0.8200 0.8200
Spectra Energy Partners L SEP n/a 8.5 11.2 n/a n/a 1.8450 1.7000 1.5100 1.3400 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Steris Corp. STE n/a 23.1 31.7 30.4 n/a 0.6400 0.5200 0.4100 0.2800 0.2200 0.1700 0.1200 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
StoneMor Partners LP STON n/a 4.5 3.2 3.9 n/a 2.3300 2.2300 2.2200 2.1200 2.0300 1.9250 1.9000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Strayer Education Inc. STRA 0.966 23.1 35.0 30.4 31.4 4.0000 3.2500 2.2500 1.6250 1.3125 1.0625 0.6250 0.3200 0.2600 0.2600 0.2600 0.2450 0.2100
Suncor Energy Inc. SU 1.509 13.5 32.4 26.8 17.8 0.4360 0.3840 0.2700 0.1880 0.1790 0.1330 0.1045 0.1065 0.0965 0.0858 0.0850 0.0850 0.0850
Talisman Energy Inc. TLM 0.990 8.0 14.7 14.9 15.0 0.2700 0.2500 0.2100 0.1790 0.1635 0.1350 0.0930 0.1000 0.0778 0.0667 0.0667 0.0000 0.0000
Targa Resources Partners NGLS n/a 7.5 7.0 n/a n/a 2.2575 2.1000 2.0700 1.8450 0.8440 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
TECO Energy Inc. TE (0.486) 4.3 2.3 2.3 (4.7) 0.8500 0.8150 0.8000 0.7950 0.7750 0.7600 0.7600 0.7600 0.9250 1.4000 1.3700 1.3300 1.2850
Teekay LNG Partners LP TGP n/a 6.3 4.9 7.0 n/a 2.5200 2.3700 2.2800 2.1800 1.9850 1.8000 0.6485 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Teekay Offshore Partners TOO n/a 5.3 6.2 n/a n/a 1.9750 1.8750 1.8000 1.6500 1.1350 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Texas Instruments TXN 1.635 14.3 11.0 33.9 20.7 0.5600 0.4900 0.4500 0.4100 0.3000 0.1300 0.1050 0.0890 0.0850 0.0850 0.0850 0.0850 0.0850
Texas Pacific Land Trust TPL n/a 5.0 5.3 10.1 10.1 0.2100 0.2000 0.1900 0.1800 0.1600 0.1300 0.0000 0.1000 0.0800 0.0800 0.0800 0.0800 0.0800
Textainer Group Holdings LTGH n/a 29.3 12.9 n/a n/a 1.2800 0.9900 0.9200 0.8900 0.2000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Tim Hortons Inc. THI n/a 36.7 24.4 40.4 n/a 0.6820 0.4990 0.3580 0.3540 0.2620 0.1250 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Torchmark Corp. TMK 1.065 9.0 6.5 6.7 6.3 0.4433 0.4067 0.3733 0.3667 0.3467 0.3200 0.2933 0.2933 0.2533 0.2400 0.2400 0.2400 0.2400
Tower Group Inc. TWGP n/a 76.3 50.9 47.0 n/a 0.6875 0.3900 0.2600 0.2000 0.1250 0.1000 0.1000 0.0250 0.0000 0.0000 0.0000 0.0000 0.0000
TransAlta Corp. TAC n/a 5.8 5.3 5.9 9.0 1.1830 1.1180 1.0340 1.0120 0.9390 0.8870 0.8760 0.9400 1.0000 0.9070 0.5000 0.0000 0.0000
Transmontaigne Partners TLP n/a 2.9 2.9 7.8 n/a 2.4600 2.3900 2.3600 2.2600 1.9000 1.6900 0.5500 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Travelers Companies TRV 2.664 12.8 10.1 9.5 3.6 1.5900 1.4100 1.2300 1.1900 1.1300 1.0100 0.9100 0.8700 1.1600 1.1600 1.1200 1.0800 1.0400
Triangle Capital Corp. TCAP n/a 7.3 7.1 n/a n/a 1.7700 1.6500 1.6200 1.4400 0.9800 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Union Pacific UNP 1.544 60.8 27.6 26.3 17.0 1.9300 1.2000 1.0800 0.9300 0.6750 0.6000 0.6000 0.6000 0.4600 0.4000 0.4000 0.4000 0.4000
United Community Bancor UCBA n/a 2.3 7.9 15.9 n/a 0.4400 0.4300 0.3900 0.3500 0.3100 0.2100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
United Financial Bancorp UBNK n/a 13.3 8.0 11.2 n/a 0.3400 0.3000 0.2800 0.2700 0.2400 0.2000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Utah Medical Products Inc. UTMD n/a 0.5 1.5 3.9 n/a 0.9450 0.9400 0.9250 0.9050 0.8850 0.7800 0.6300 0.4500 0.0000 0.0000 0.0000 0.0000 0.0000
Vanguard Natural Resourc VNR n/a 4.6 7.8 n/a n/a 2.2800 2.1800 2.0000 1.8200 0.4250 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Verizon Communications VZ 1.593 2.6 3.9 3.9 2.5 1.9625 1.9125 1.8550 1.7500 1.6450 1.6200 1.6000 1.5400 1.5400 1.5400 1.5400 1.5400 1.5400
Visa Inc. V n/a 27.6 47.2 n/a n/a 0.6700 0.5250 0.4400 0.2100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
VSE Corp. VSEC 1.189 18.2 15.2 14.9 12.5 0.2600 0.2200 0.1900 0.1700 0.1500 0.1300 0.1100 0.0900 0.0800 0.0800 0.0800 0.0775 0.0700
Waste Management WM 0.143 7.9 8.0 9.1 63.4 1.3600 1.2600 1.1600 1.0800 0.9600 0.8800 0.8000 0.7500 0.0100 0.0100 0.0100 0.0100 0.0100
Westar Energy WR 7.817 3.2 3.3 5.1 0.6 1.2800 1.2400 1.2000 1.1600 1.0800 1.0000 0.9200 0.7600 0.8700 1.2000 1.2000 1.4350 2.1400
Western Gas Partners LP WES n/a 14.7 51.6 n/a n/a 1.5950 1.3900 1.2300 0.4580 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Westlake Chemical Corp. WLK n/a 13.4 10.2 15.3 n/a 0.2745 0.2420 0.2200 0.2050 0.1800 0.1350 0.0970 0.0200 0.0000 0.0000 0.0000 0.0000 0.0000
Williams Companies WMB 13.348 59.8 21.7 17.6 1.3 0.7750 0.4850 0.4400 0.4300 0.3900 0.3450 0.2500 0.0800 0.0400 0.4200 0.6800 0.6000 0.6000
Williams Partners LP WPZ n/a 9.3 6.0 12.6 n/a 2.9000 2.6525 2.5400 2.4350 2.0450 1.6050 0.1484 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Williams-Sonoma Inc. WSM n/a 20.0 11.6 17.1 n/a 0.6600 0.5500 0.4800 0.4750 0.4450 0.3000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Wisconsin Energy WEC 1.767 30.0 24.4 17.7 10.0 1.0400 0.8000 0.6750 0.5400 0.5000 0.4600 0.4400 0.4150 0.4000 0.4000 0.4000 0.6850 0.7800
Xcel Energy XEL (0.861) 3.0 3.1 3.2 (3.7) 1.0250 0.9950 0.9650 0.9350 0.9050 0.8750 0.8450 0.7900 0.7500 1.3125 1.5000 1.3105 1.4400
Yum! Brands Inc. YUM n/a 17.6 15.0 31.3 n/a 1.0350 0.8800 0.7800 0.6800 0.5250 0.2650 0.2150 0.1000 0.0000 0.0000 0.0000 0.0000 0.0000
Averages: 190 1.234 12.0 10.9 17.0 13.8 1.1658 1.0412 0.9545 0.8547 0.6804 0.5307 0.4100 0.3221 0.2979 0.3093 0.3198 0.3334 0.3272
Averages for 366 1.057 10.5 9.4 13.2 12.5 1.1919 1.0791 0.9977 0.9110 0.7677 0.6422 0.5407 0.4585 0.4103 0.3891 0.3685 0.3689 0.3488
Averages for 471 1.054 9.7 8.6 11.7 11.1 1.2093 1.1027 1.0264 0.9454 0.8126 0.6958 0.5995 0.5205 0.4699 0.4445 0.4223 0.4162 0.3933
Challengers Percentage Increase by Year Dividend Growth Model
Name Symbol 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 average)DeviationFactor Factor 2012 2013 2014 2015 2016 $
A. Schulman Inc. SHLM 5.0 0.8 0.8 2.6 0.0 0.0 7.4 0.0 0.0 0.0 0.0 8.0 2.1 2.9 (10.9) 47.2 0.68 0.75 0.83 0.91 1.00 4.18
Aaron's Inc. AAN 8.3 5.9 6.2 6.7 7.1 5.7 33.6 123.0 0.0 0.0 0.0 0.0 16.4 33.3 (6.8) 70.3 0.06 0.06 0.07 0.08 0.08 0.35
Accenture plc ACN 36.4 10.0 50.0 19.0 20.0 16.7 0.0 0.0 0.0 0.0 0.0 0.0 12.7 15.9 12.6 66.3 1.21 1.33 1.46 1.61 1.77 7.37
Acme United Corp. ACU 19.0 5.0 17.6 13.3 25.0 20.0 150.0 0.0 0.0 0.0 0.0 0.0 20.8 40.0 8.1 62.3 0.28 0.28 0.29 0.30 0.31 1.46
Alliance Financial Corp. ALNC 6.1 7.5 8.2 11.4 1.1 3.6 0.0 1.2 6.4 5.4 8.3 104.4 13.6 27.6 (4.2) 52.1 1.23 1.31 1.40 1.50 1.61 7.05
Alliance Holdings GP LP AHGP 19.7 12.8 27.9 27.9 139.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19.0 37.9 31.7 55.9 2.37 2.61 2.87 3.16 3.47 14.49
Alliant Energy Corp. LNT 7.6 5.3 7.1 10.2 10.4 9.5 3.7 1.2 0.0 0.0 0.0 0.0 4.6 4.1 (5.0) 53.6 1.79 1.90 2.01 2.13 2.26 10.09
Altera Corp. ALTR 27.3 10.0 5.3 58.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.4 16.9 n/a 56.0 0.31 0.34 0.37 0.41 0.45 1.88
American Equity InvestmentAEL 20.0 25.0 14.3 16.7 20.0 25.0 100.0 100.0 0.0 0.0 0.0 0.0 26.7 34.1 9.0 72.9 0.13 0.14 0.15 0.17 0.18 0.77
American Financial Group IAFG 15.2 10.6 4.0 25.0 8.7 10.4 0.0 0.0 0.0 0.0 0.0 0.0 6.2 7.7 5.5 64.4 0.73 0.79 0.86 0.94 1.02 4.33
American Greetings AM 9.3 12.5 4.3 21.1 18.8 6.7 400.0 0.0 0.0 0.0 0.0 5.1 39.8 108.8 (2.5) 63.0 0.65 0.71 0.79 0.86 0.95 3.96
American Science and EngiASEI 16.7 50.0 0.0 33.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.3 16.0 n/a 41.9 1.41 1.56 1.71 1.88 2.07 8.63
American Water Works AWK 4.7 4.9 105.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.5 28.8 n/a 54.7 0.91 1.00 1.10 1.21 1.33 5.55
AmeriGas Partners LP APU 5.0 5.1 4.7 5.0 4.8 3.1 1.4 0.0 0.0 0.0 0.0 0.0 2.4 2.3 (14.7) 35.1 3.22 3.35 3.49 3.64 3.79 17.49
Ameriprise Financial Inc. AMP 22.5 4.4 3.0 17.9 27.3 300.0 0.0 0.0 0.0 0.0 0.0 0.0 31.3 81.6 4.3 73.3 0.96 1.05 1.16 1.27 1.40 5.84
AmerisourceBergen Corp. ABC 35.3 41.7 47.7 44.4 80.0 100.0 25.0 0.0 0.0 300.0 0.0 0.0 56.2 79.8 36.0 68.0 0.51 0.52 0.54 0.55 0.57 2.69
AmTrust Financial ServicesAFSI 22.2 22.7 29.4 88.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.6 25.1 n/a 66.4 0.36 0.40 0.44 0.48 0.53 2.20
Assurant Inc. AIZ 11.1 6.8 9.3 17.4 21.1 22.6 47.6 0.0 0.0 0.0 0.0 0.0 11.3 13.7 7.8 70.0 0.71 0.78 0.86 0.94 1.04 4.32
Astrazeneca plc AZN 12.0 15.3 10.0 8.6 24.1 37.6 22.8 7.5 0.0 0.0 0.0 28.4 13.8 11.6 12.5 58.7 2.71 2.74 2.76 2.79 2.82 13.82
Bank of Marin Bancorp BMRC 6.6 7.0 1.8 9.8 12.0 139.0 0.0 0.0 0.0 0.0 0.0 0.0 14.7 37.7 (2.9) 52.9 0.66 0.69 0.73 0.77 0.81 3.66
Bar Harbor Bankshares BHB 4.8 0.5 2.0 6.8 5.5 7.7 5.0 5.3 0.0 0.0 0.0 5.6 3.6 2.8 (4.8) 41.9 1.13 1.16 1.20 1.23 1.27 6.00
Baxter International Inc. BAX 6.9 11.5 18.2 29.4 16.7 0.0 0.0 0.0 0.0 0.0 100.9 0.0 15.3 27.4 5.0 70.0 1.34 1.45 1.58 1.72 1.86 7.95
Birner Dental Management BDMS 9.1 13.2 3.0 13.8 18.4 45.2 200.0 0.0 0.0 0.0 0.0 0.0 25.2 54.2 (8.9) 38.6 0.87 0.89 0.92 0.95 0.97 4.59
Boardwalk Pipeline Partne BWP 3.2 4.1 4.3 7.8 31.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.2 8.6 (4.8) 30.0 2.20 2.27 2.34 2.41 2.49 11.71
Bob Evans Farms BOBE 18.4 15.2 13.8 3.6 7.7 8.3 0.0 4.3 9.5 13.5 2.8 0.0 8.1 5.9 (2.0) 72.4 0.99 1.07 1.15 1.25 1.35 5.81
BOK Financial Corp. BOKF 14.1 4.8 8.0 16.7 36.4 83.3 0.0 0.0 0.0 0.0 0.0 0.0 13.6 23.5 6.3 64.9 1.14 1.24 1.34 1.45 1.57 6.75
Brinker International EAT 13.2 20.5 0.0 15.8 31.0 335.0 0.0 0.0 0.0 0.0 0.0 0.0 34.6 91.1 (0.3) 66.4 0.66 0.73 0.80 0.88 0.97 4.03
Broadridge Financial Soluti BR 7.0 62.9 40.0 108.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18.2 33.4 n/a 49.3 0.67 0.74 0.81 0.89 0.98 4.10
Brookfield Infrastructure P BIP 20.0 3.8 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 7.4 n/a 35.1 1.45 1.54 1.63 1.73 1.83 8.19
CAE Inc. CAE 18.2 28.0 17.6 145.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17.5 39.9 19.8 67.4 0.18 0.20 0.22 0.24 0.26 1.09
Campbell Soup Co. CPB 5.5 10.0 9.9 11.0 10.8 7.2 7.4 2.0 0.0 0.0 0.0 0.0 5.3 4.4 (2.5) 49.9 1.22 1.27 1.33 1.39 1.45 6.65
CenterPoint Energy CNP 1.3 2.6 4.1 7.4 13.3 100.0 0.0 0.0 0.0 0.0 0.0 0.0 10.7 27.2 (1.6) 55.0 0.85 0.90 0.94 0.99 1.04 4.72
Chesapeake Utilities CPK 4.7 4.0 3.3 2.6 1.7 1.8 1.8 0.9 0.0 0.9 2.8 3.9 2.4 1.4 (10.9) 47.2 1.49 1.53 1.58 1.62 1.67 7.88
China Mobile Limited CHL 10.1 4.3 10.0 43.5 36.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.7 14.5 13.0 46.9 2.06 2.08 2.10 2.12 2.14 10.50
CMS Energy Corp. CMS 27.3 32.0 38.9 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.0 15.3 24.0 n/a 59.0 0.89 0.95 1.01 1.07 1.13 5.05
Coca-Cola Enterprises Inc. CCE 30.8 30.0 7.1 16.7 0.0 50.0 0.0 0.0 0.0 0.0 0.0 0.0 11.2 16.2 5.4 72.3 0.56 0.60 0.65 0.70 0.76 3.28
Coca-Cola FEMSA S.A.B. dKOF 70.2 127.6 4.7 22.2 17.1 11.5 18.3 0.0 0.0 100.5 37.7 26.2 36.3 39.6 15.8 68.8 2.16 2.38 2.62 2.88 3.17 13.22
Columbia Sportswear Co. COLM 16.2 12.1 3.1 10.3 314.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.7 86.0 27.7 70.1 0.95 1.04 1.14 1.26 1.39 5.78
Comcast Corp. CMCSA 13.8 43.4 41.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.2 15.7 n/a 64.3 0.48 0.52 0.58 0.63 0.70 2.90
Compass Minerals Internat CMP 15.4 9.9 6.0 4.7 4.9 10.9 17.3 0.0 0.0 0.0 0.0 0.0 5.8 6.0 (8.0) 54.6 1.98 2.16 2.35 2.56 2.79 11.85
ConAgra Foods Inc. CAG 12.0 7.8 1.3 4.1 0.0 0.0 3.6 5.0 5.2 4.7 8.7 13.4 5.5 4.1 (16.1) 47.3 0.99 1.06 1.13 1.20 1.28 5.67
Costco Wholesale COST 16.4 13.6 12.0 10.6 11.9 13.5 48.3 0.0 0.0 0.0 0.0 0.0 10.5 13.0 (13.3) 72.8 1.02 1.12 1.23 1.35 1.49 6.21
Covidien plc COV 11.5 12.1 3.1 300.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27.2 82.4 n/a 63.9 0.86 0.94 1.04 1.14 1.26 5.24
Crane Company CR 14.0 7.5 5.3 15.2 20.0 22.2 12.5 0.0 0.0 0.0 0.0 0.0 8.0 8.1 (103.5) 50.7 1.08 1.17 1.27 1.38 1.49 6.39
Crestwood Midstream Part CMLP 11.7 8.0 14.1 682.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59.7 187.9 n/a 39.6 1.99 2.17 2.37 2.59 2.83 11.96
CSX Corp. CSX 36.7 11.4 14.3 42.6 63.6 53.5 7.5 0.0 0.0 0.0 0.0 0.0 19.1 22.5 22.2 80.3 0.49 0.54 0.58 0.64 0.69 2.94
Cummins Inc. CMI 51.4 25.0 16.7 39.5 30.3 10.0 0.0 0.0 0.0 0.0 0.0 6.7 15.0 17.0 24.5 81.5 1.46 1.60 1.76 1.94 2.13 8.90
CVS Caremark CVS 42.9 15.1 17.8 12.7 46.8 6.8 9.0 15.5 0.0 0.0 0.0 0.0 13.9 15.2 11.6 80.3 0.55 0.61 0.67 0.73 0.81 3.36
Daktronics Inc. DAKT 120.0 5.3 5.6 28.6 16.7 20.0 0.0 0.0 0.0 0.0 0.0 0.0 16.3 32.6 (2.1) 52.1 0.24 0.27 0.29 0.32 0.35 1.48
Darden Restaurants DRI 31.6 26.7 18.4 28.8 37.2 79.2 200.0 0.0 19.9 25.1 0.0 0.0 38.9 52.7 17.8 73.0 1.65 1.82 2.00 2.20 2.42 10.07
DCP Midstream Partners L DPM 3.9 0.8 1.7 19.5 60.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 16.9 5.9 45.5 2.54 2.79 3.07 3.38 3.72 15.50
Deere & Company DE 31.0 3.6 5.7 16.5 16.7 28.9 14.2 20.5 0.0 0.0 0.0 0.0 11.4 11.0 6.7 77.5 1.62 1.78 1.95 2.14 2.35 9.85
Delta Natural Gas DGAS 3.8 3.1 2.4 2.4 1.7 1.7 0.8 0.0 0.9 1.7 0.9 0.0 1.6 1.1 (18.3) 39.9 0.76 0.79 0.82 0.85 0.89 4.11
DeVry Inc. DV 20.0 25.0 33.3 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.2 12.0 n/a 68.3 0.26 0.28 0.30 0.33 0.35 1.53
Digital Realty Trust DLR 40.2 43.7 8.9 8.3 8.0 19.4 0.0 0.0 0.0 0.0 0.0 0.0 10.7 15.1 (28.6) 49.3 2.99 3.28 3.59 3.94 4.31 18.11
Dominion Resources D 7.7 4.6 10.8 8.2 5.8 3.0 3.1 0.8 0.0 0.0 0.0 0.0 3.7 3.6 (10.7) 50.4 2.13 2.25 2.37 2.50 2.63 11.87
Duke Energy Corp. DUK 2.1 3.2 4.4 4.7 17.5 7.7 6.4 0.0 0.0 0.0 0.0 0.0 3.8 4.9 (8.3) 44.3 3.20 3.31 3.43 3.55 3.68 17.18
Dun & Bradstreet Corp. DNB 2.9 2.9 13.3 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.3 6.2 n/a 46.9 1.56 1.72 1.89 2.08 2.28 9.53
Dynex Capital Inc. DX 14.9 2.2 91.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.1 25.2 n/a 35.8 1.09 1.15 1.20 1.26 1.33 6.03
Ecology & Environment Inc EEI 11.6 4.9 10.8 5.3 2.5 5.9 0.0 0.0 6.2 0.0 0.0 0.0 3.9 4.1 (3.0) 55.1 0.53 0.54 0.56 0.58 0.59 2.80
Edison International EIX 1.6 1.6 1.6 5.2 7.4 8.0 25.0 0.0 0.0 0.0 0.0 3.7 4.5 6.8 n/a 28.2 1.35 1.38 1.42 1.45 1.48 7.09
El Paso Pipeline Partners EPB 20.6 17.0 31.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.7 10.4 n/a 39.3 1.99 2.08 2.17 2.27 2.38 10.89
Enbridge Energy Partners EEP 3.3 2.2 2.1 4.2 0.7 0.0 0.0 0.0 2.8 2.9 0.0 0.4 1.5 1.5 (8.8) 39.0 2.30 2.41 2.53 2.65 2.78 12.67
Energy Transfer Equity LP ETE 8.8 2.6 7.9 33.7 139.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16.0 38.4 9.4 56.3 2.59 2.84 3.13 3.44 3.78 15.78
Ensign Group Inc. ENSG 10.0 11.1 12.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.8 4.9 n/a 59.6 0.23 0.26 0.28 0.31 0.34 1.43
Epoch Holding Corp. EPHC 30.0 66.7 9.1 340.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37.1 93.3 n/a 45.4 0.29 0.29 0.30 0.31 0.32 1.52
Equity LifeStyle Properties ELS 18.8 20.0 33.3 42.9 110.0 185.7 133.3 0.0 4.8 6.9 7.9 6.9 47.5 58.5 (210.5) 44.8 1.57 1.72 1.90 2.09 2.29 9.57
EV Energy Partners LP EVEP 0.5 0.5 12.7 39.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.4 11.0 n/a 22.0 3.07 3.16 3.26 3.36 3.46 16.31
Evercore Partners Inc. EVR 17.5 23.5 6.3 17.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.4 8.4 n/a 36.6 0.81 0.90 0.98 1.08 1.19 4.97
Exterran Partners LP EXLP 3.5 0.3 6.5 26.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 7.2 n/a 23.8 2.11 2.15 2.20 2.24 2.29 10.99
Farmers and Merchants BaFMAO 5.6 0.0 9.1 4.8 7.2 23.7 0.0 0.0 0.0 0.0 100.0 0.0 12.5 27.2 (0.7) 44.2 0.78 0.81 0.83 0.86 0.88 4.16
Finish Line Inc. (The) FINL 25.0 33.3 100.0 20.0 0.0 0.0 100.0 0.0 0.0 0.0 0.0 0.0 23.2 36.1 0.9 70.9 0.22 0.24 0.27 0.29 0.32 1.34
Flowserve Corp. FLS 9.6 7.5 17.8 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.2 27.3 n/a 68.3 1.38 1.51 1.66 1.83 2.01 8.39
Frisch's Restaurants Inc. FRS 13.0 10.2 2.1 9.1 0.0 0.0 0.0 15.8 5.6 9.1 3.1 10.3 6.5 5.2 (19.3) 48.1 0.67 0.67 0.67 0.67 0.67 3.36
G&K Services Inc. GKSR 32.4 17.2 20.8 33.3 56.5 64.3 0.0 0.0 0.0 0.0 0.0 0.0 18.7 22.4 9.4 64.6 0.50 0.54 0.60 0.66 0.72 3.02
Gap Inc. GPS 13.6 13.2 1.5 4.7 12.3 81.0 75.0 0.0 0.0 0.0 0.0 11.1 17.7 27.5 (9.7) 68.9 0.48 0.53 0.58 0.64 0.70 2.94
General Mills GIS 11.4 16.7 9.1 8.6 10.1 7.8 9.4 6.4 0.0 0.0 0.0 0.0 6.6 5.3 (2.2) 64.8 1.27 1.36 1.46 1.57 1.69 7.34
Genesis Energy LP GEL 10.7 9.2 11.7 31.5 25.7 21.3 1.7 71.4 0.0 0.0 0.0 0.0 15.3 19.9 (13.6) 55.2 1.82 1.93 2.06 2.19 2.33 10.33
Greif Inc. B GEF.B 5.0 5.3 15.2 43.3 53.6 50.4 33.7 7.2 0.0 31.7 6.8 0.0 21.0 19.4 11.6 43.9 2.59 2.66 2.74 2.83 2.91 13.73
Guess? Inc. GES 32.2 42.4 25.0 70.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.1 22.3 n/a 61.2 0.88 0.97 1.06 1.17 1.29 5.37
H.J.Heinz Co. HNZ 6.9 4.2 5.0 8.9 12.3 11.1 5.4 0.0 0.0 2.4 5.9 7.2 5.8 3.7 (8.4) 49.7 2.00 2.12 2.25 2.39 2.53 11.30
Hanover Insurance Group THG 12.5 33.3 66.7 12.5 33.3 20.0 0.0 0.0 0.0 0.0 0.0 0.0 14.9 19.9 16.9 66.9 1.24 1.34 1.45 1.57 1.70 7.31
Name Symbol 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 average)
DeviationFactor Factor 2012 2013 2014 2015 2016 $
Hasbro Inc. HAS 21.1 18.7 5.3 26.7 42.9 27.3 57.1 75.0 0.0 0.0 0.0 2.9 23.1 23.5 11.9 70.3 1.23 1.33 1.44 1.56 1.68 7.25
Hawkins Inc. HWKN 10.3 7.4 8.0 8.7 9.5 10.5 5.6 0.0 20.0 0.0 0.0 178.3 21.5 47.6 (10.0) 55.5 0.66 0.68 0.70 0.72 0.74 3.50
Health Care REIT Inc. HCN 3.5 0.7 0.7 18.5 0.0 3.3 3.1 1.9 0.0 0.0 0.2 2.9 2.9 4.9 (95.2) 34.7 3.12 3.43 3.76 4.13 4.54 18.99
HEICO Corp. HEI 25.0 12.5 20.0 25.0 0.0 60.0 0.0 10.1 0.0 9.9 4.8 5.0 14.4 16.3 (6.8) 73.3 0.10 0.10 0.11 0.13 0.14 0.58
Hillenbrand Inc. HI 1.3 1.3 35.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1 9.6 n/a 47.8 0.80 0.88 0.97 1.07 1.18 4.90
Holly Energy Partners LP HEP 4.9 5.1 5.4 6.3 7.7 120.0 0.0 0.0 0.0 0.0 0.0 0.0 12.5 32.6 (12.2) 40.6 3.78 4.02 4.27 4.53 4.81 21.42
Hubbell Inc. B HUB-B 4.9 2.1 2.9 3.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 3.2 1.5 1.6 (11.9) 56.3 1.65 1.81 1.99 2.19 2.41 10.05
Intel Corp. INTC 24.2 12.5 2.3 21.7 12.5 25.0 100.0 100.0 0.0 0.0 14.3 16.7 27.4 33.5 7.5 78.9 0.83 0.92 1.01 1.11 1.22 5.10
International Speedway Co ISCA 12.5 14.3 16.7 20.0 25.0 33.3 0.0 0.0 0.0 0.0 0.0 0.0 10.1 11.3 (0.2) 73.2 0.20 0.21 0.23 0.24 0.26 1.14
ITC Holdings Corp. ITC 5.0 4.8 5.0 5.3 5.1 104.8 0.0 0.0 0.0 0.0 0.0 0.0 10.8 28.4 (14.3) 54.6 1.51 1.66 1.83 2.01 2.21 9.23
J&J Snack Foods Corp. JJSF 7.0 10.3 5.4 8.8 13.3 20.0 0.0 0.0 0.0 0.0 0.0 0.0 5.4 6.4 (11.6) 54.6 0.50 0.51 0.53 0.54 0.56 2.64
JB Hunt Transport ServicesJBHT 8.3 9.1 10.0 11.1 12.5 33.3 433.3 0.0 0.0 0.0 0.0 0.0 43.1 118.0 (10.5) 67.5 0.57 0.63 0.69 0.76 0.84 3.49
Kaydon Corp. KDN 5.5 5.8 11.3 21.6 6.3 0.0 0.0 0.0 0.0 0.0 9.1 12.8 6.0 6.5 (1.8) 52.7 0.82 0.90 0.99 1.09 1.20 5.01
Kellogg Company K 7.1 9.1 10.0 8.3 5.3 7.5 5.0 0.0 0.0 0.0 0.0 5.2 4.8 3.7 (4.0) 56.5 1.81 1.93 2.06 2.20 2.35 10.35
Kinross Gold Corp. KGC 10.0 11.1 12.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.8 4.9 n/a 32.9 0.12 0.12 0.13 0.13 0.14 0.64
Knight Transportation Inc. KNX 4.3 21.1 26.7 36.4 37.5 50.0 300.0 0.0 0.0 0.0 0.0 0.0 39.7 80.4 8.4 65.7 0.26 0.29 0.32 0.35 0.39 1.61
Kroger Company KR 10.3 6.8 5.8 19.0 48.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.5 13.6 (2.2) 59.1 0.46 0.50 0.55 0.61 0.66 2.78
L-3 Communications HoldinLLL 12.5 14.3 16.7 20.0 33.3 50.0 25.0 0.0 0.0 0.0 0.0 0.0 14.3 15.3 14.2 63.8 1.88 1.90 1.91 1.93 1.95 9.57
Laclede Group Inc. LG 2.5 2.6 2.7 2.7 2.8 2.9 1.5 1.5 0.0 0.0 0.0 0.0 1.6 1.2 (9.0) 44.7 1.66 1.75 1.83 1.92 2.02 9.19
Lake Shore Bancorp Inc. LSBK 16.7 20.0 5.3 46.2 333.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35.1 90.9 43.5 51.8 0.29 0.30 0.31 0.32 0.32 1.53
Landauer Inc. LDR 2.3 2.4 5.0 5.3 5.6 5.9 6.3 6.7 7.1 0.0 0.0 0.0 3.9 2.6 (15.5) 37.8 2.42 2.66 2.93 3.22 3.54 14.77
Landstar System Inc. LSTR 10.5 11.8 9.7 14.8 22.7 120.0 0.0 0.0 0.0 0.0 0.0 0.0 15.8 32.3 (3.5) 70.7 0.23 0.25 0.28 0.31 0.34 1.41
Lazard Limited LAZ 21.0 11.1 12.5 11.1 0.0 153.5 0.0 0.0 0.0 0.0 0.0 0.0 17.4 41.6 n/a 46.5 0.67 0.73 0.81 0.89 0.97 4.06
Lockheed Martin LMT 23.1 12.8 27.9 24.5 17.6 19.0 15.4 56.9 31.8 0.0 0.0 0.0 19.1 15.4 14.8 74.0 3.37 3.61 3.86 4.14 4.44 19.41
Lorillard Inc. LO 22.4 10.7 108.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.8 29.9 n/a 55.1 5.70 6.23 6.79 7.42 8.10 34.24
Medicis Pharmaceutical CoMRX 36.4 37.5 6.7 25.0 0.0 0.0 14.3 110.0 0.0 0.0 0.0 0.0 19.2 30.7 (10.2) 60.0 0.33 0.36 0.40 0.44 0.48 2.01
Mesa Laboratories Inc. MLAB 8.9 9.8 2.5 25.0 10.3 16.0 19.0 320.0 0.0 0.0 0.0 0.0 34.3 86.5 (7.5) 53.9 0.54 0.56 0.57 0.59 0.61 2.86
Microsoft Corp. MSFT 23.6 5.8 13.0 12.2 10.8 15.6 100.0 0.0 0.0 0.0 0.0 0.0 15.1 26.7 0.1 65.8 0.75 0.82 0.89 0.97 1.06 4.48
Molex Inc. MOLX 23.0 0.0 24.5 45.2 35.0 53.8 44.4 12.5 0.0 0.0 0.0 42.9 23.4 19.7 11.2 68.3 0.83 0.88 0.93 0.99 1.06 4.69
Monro Muffler Brake Inc. MNRO 37.8 37.0 12.5 12.5 33.3 140.0 0.0 0.0 0.0 0.0 0.0 0.0 22.8 38.3 5.7 68.5 0.37 0.41 0.45 0.50 0.55 2.28
MSC Industrial Direct Co. I MSM 8.3 5.0 5.3 11.8 21.4 21.7 35.3 240.0 0.0 0.0 0.0 0.0 29.1 64.5 (6.0) 64.8 0.98 1.08 1.18 1.30 1.43 5.98
National CineMedia Inc. NCMI 16.7 12.5 3.2 106.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.6 29.2 n/a 43.4 0.92 1.02 1.12 1.23 1.35 5.64
National Healthcare Corp. NHC 7.4 8.0 11.1 15.4 18.2 20.0 46.7 0.0 0.0 0.0 0.0 0.0 10.6 13.1 2.3 61.7 1.16 1.28 1.40 1.54 1.70 7.08
National Interstate Corp. NATL 12.5 14.3 16.7 20.0 25.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 15.7 26.9 5.3 65.5 0.40 0.43 0.48 0.52 0.58 2.41
National Research Corp. NRCI 15.8 18.8 14.3 16.7 20.0 25.0 0.0 0.0 0.0 0.0 0.0 0.0 9.2 9.5 (6.1) 58.6 0.97 1.06 1.17 1.29 1.42 5.91
Natural Resource Partners NRP 0.5 0.2 6.7 10.1 13.9 15.0 17.9 18.4 0.0 0.0 0.0 0.0 6.9 7.4 (22.3) 22.1 2.18 2.20 2.23 2.25 2.27 11.13
Navios Maritime Partners NMM 4.5 0.0 59.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.3 16.3 n/a 30.6 1.76 1.86 1.97 2.09 2.22 9.91
NewMarket Corp. NEU 38.7 66.7 12.5 60.0 33.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17.6 24.3 27.5 63.4 2.12 2.33 2.57 2.82 3.11 12.95
Northrop Grumman NOC 7.1 8.9 7.6 6.1 27.6 14.9 13.5 11.3 0.0 0.0 0.0 0.0 8.1 7.8 5.9 72.1 1.99 2.09 2.19 2.30 2.42 11.00
NorthWestern Corp. NWE 5.9 1.5 1.5 3.1 3.2 24.0 0.0 0.0 0.0 0.0 0.0 0.0 3.3 6.5 (7.3) 50.9 1.50 1.61 1.74 1.87 2.01 8.74
NuStar GP Holdings LLC NSH 6.8 5.8 14.2 12.7 421.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38.4 115.6 (28.0) 34.2 2.15 2.26 2.38 2.51 2.64 11.93
NV Energy Inc. NVE 8.9 9.8 24.2 106.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.0 12.8 29.0 n/a 52.6 0.50 0.54 0.59 0.64 0.69 2.96
OGE Energy Corp. OGE 3.4 2.1 2.2 2.2 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.2 (17.4) 43.4 1.57 1.66 1.74 1.84 1.93 8.74
ONEOK Partners LP OKS 4.3 3.0 3.0 5.7 10.6 12.5 0.0 0.0 0.0 7.1 12.7 8.6 5.6 4.5 (5.5) 45.5 2.35 2.47 2.60 2.73 2.87 13.01
Pall Corp. PLL 9.4 10.3 13.7 6.3 9.1 10.0 11.1 0.0 0.0 0.0 3.0 3.1 6.3 4.7 (11.0) 67.7 0.77 0.85 0.93 1.02 1.13 4.70
PennantPark Investment C PNNT 3.9 7.3 6.7 150.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.0 41.1 n/a 29.4 1.16 1.25 1.36 1.47 1.60 6.84
Perrigo Company PRGO 12.6 13.2 11.0 10.8 7.2 6.2 12.1 31.8 0.0 0.0 0.0 0.0 8.7 8.7 (15.1) 67.0 0.32 0.35 0.39 0.42 0.47 1.95
PG&E Corp. PCG 2.0 8.2 7.8 8.5 6.8 46.7 0.0 0.0 0.0 0.0 0.0 0.0 6.7 12.6 (13.2) 44.7 1.84 1.89 1.94 2.00 2.06 9.73
Portland General Electric CPOR 1.9 3.0 4.2 4.3 104.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.8 28.6 7.1 46.2 1.07 1.11 1.16 1.21 1.26 5.80
PSB Holdings Inc. PSBQ 2.8 2.9 3.0 3.1 3.2 3.3 4.1 0.0 25.0 4.8 3.0 4.2 4.9 6.1 (2.0) 34.7 0.72 0.74 0.76 0.78 0.81 3.80
Quaker Chemical Corp. KWR 2.2 1.1 1.7 5.2 0.0 0.0 0.6 1.8 0.6 1.8 3.8 3.3 1.8 1.5 (9.3) 51.3 1.04 1.15 1.26 1.39 1.53 6.37
Randgold Resources Ltd. GOLD 17.6 30.8 8.3 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.4 10.2 n/a 58.5 0.22 0.24 0.26 0.29 0.31 1.32
Raytheon Company RTN 16.0 18.6 10.5 9.0 6.9 9.3 7.5 0.0 298.8 24975.0 0.0 0.0 2112.6 6893.7 5.8 78.8 1.75 1.90 2.06 2.24 2.43 10.38
Regal Beloit Corp. RBC 6.1 3.1 3.2 6.9 7.4 8.0 4.2 0.0 0.0 0.0 0.0 0.0 3.2 3.1 (8.4) 56.6 0.77 0.85 0.93 1.02 1.13 4.70
Reynolds American Inc. RAI 16.8 6.7 1.5 6.3 16.4 31.0 10.5 0.0 2.0 12.9 6.5 100.0 17.5 26.2 (3.8) 56.9 2.29 2.46 2.64 2.83 3.04 13.24
RGC Resources Inc. RGCO 3.0 3.1 2.4 2.5 1.7 1.7 0.9 2.6 0.0 1.8 1.8 1.9 1.9 0.9 (12.7) 33.7 0.70 0.72 0.74 0.77 0.79 3.72
Robbins & Myers Inc. RBN 5.9 6.3 6.7 15.4 18.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.4 6.2 (6.9) 69.0 0.20 0.22 0.24 0.26 0.29 1.21
Robert Half International In RHI 7.7 8.3 9.1 10.0 25.0 14.3 55.6 0.0 0.0 0.0 0.0 0.0 10.8 15.3 (6.4) 63.8 0.62 0.68 0.75 0.82 0.90 3.76
Rogers Communications InRCI 15.9 28.6 10.2 178.8 328.9 42.0 0.0 100.0 0.0 0.0 0.0 0.0 58.7 96.5 71.5 66.4 1.49 1.60 1.72 1.85 1.99 8.64
Ryder System R 9.8 6.3 4.3 9.5 16.7 12.5 6.7 0.0 0.0 0.0 0.0 0.0 5.5 5.5 1.3 70.8 1.23 1.34 1.46 1.59 1.73 7.36
Safeway Inc. SWY 20.5 20.5 20.5 19.3 17.6 116.0 0.0 0.0 0.0 0.0 0.0 0.0 17.9 31.0 15.7 68.0 0.56 0.62 0.67 0.73 0.80 3.39
Sanderson Farms Inc. SAFM 9.7 8.8 1.8 12.0 4.2 14.3 31.3 17.1 2.5 100.0 0.0 0.0 16.8 26.5 n/a 51.0 0.75 0.82 0.89 0.97 1.06 4.48
Sempra Energy SRE 17.3 2.6 14.3 8.1 3.4 6.2 12.0 0.0 0.0 0.0 0.0 0.0 5.3 6.0 (5.5) 64.7 1.86 1.98 2.11 2.25 2.39 10.59
Senior Housing Properties SNH 2.8 1.4 2.1 1.4 4.5 3.1 1.6 1.6 0.0 3.3 33.3 0.0 4.6 8.8 (12.2) 42.4 1.63 1.73 1.83 1.94 2.06 9.19
Sensient Technologies Cor SXT 6.3 3.9 2.7 8.8 11.5 1.7 0.0 1.7 9.3 1.5 0.0 0.4 4.0 3.8 (5.3) 58.6 0.91 0.96 1.00 1.05 1.10 5.03
Shire plc SHPG 15.6 16.5 15.1 16.7 15.7 11.7 210.9 0.0 0.0 0.0 0.0 0.0 25.2 56.5 (2.3) 52.3 0.41 0.42 0.44 0.45 0.46 2.19
Silgan Holdings Inc. SLGN 4.8 10.5 11.8 6.3 33.3 20.0 77.8 0.0 0.0 0.0 0.0 0.0 13.7 21.6 (4.4) 63.9 0.48 0.52 0.57 0.61 0.66 2.85
Smith & Nephew plc SNN 9.9 10.0 10.0 10.6 9.4 11.4 0.0 9.6 9.1 5.8 0.0 0.0 7.1 4.3 (1.4) 55.5 0.84 0.88 0.92 0.96 1.00 4.61
Somerset Hills Bancorp SOMH 21.8 7.7 7.5 33.3 42.5 190.7 0.0 0.0 0.0 0.0 0.0 0.0 25.3 51.8 10.2 53.3 0.26 0.27 0.28 0.29 0.29 1.39
Southwest Gas Corp. SWX 6.8 5.3 5.3 4.7 3.7 0.0 0.0 0.0 1.2 0.0 0.0 0.0 2.3 2.6 (9.4) 51.9 1.12 1.15 1.17 1.20 1.24 5.88
Spectra Energy Partners L SEP 8.5 12.6 12.7 346.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31.7 95.1 n/a 32.5 1.88 1.96 2.04 2.12 2.21 10.21
Steris Corp. STE 23.1 26.8 46.4 27.3 29.4 41.7 0.0 0.0 0.0 0.0 0.0 0.0 16.2 17.3 18.1 67.6 0.70 0.76 0.82 0.89 0.96 4.14
StoneMor Partners LP STON 4.5 0.5 4.7 4.4 5.5 1.3 0.0 0.0 0.0 0.0 0.0 0.0 1.7 2.2 n/a 24.8 2.56 2.82 3.10 3.41 3.75 15.65
Strayer Education Inc. STRA 23.1 44.4 38.5 23.8 23.5 70.0 95.3 23.1 0.0 0.0 6.1 16.7 30.4 27.2 27.8 60.6 4.04 4.20 4.36 4.53 4.71 21.83
Suncor Energy Inc. SU 13.5 42.2 43.6 5.0 34.6 27.3 0.0 10.4 12.5 0.9 0.0 0.0 15.8 16.0 17.5 72.5 0.46 0.48 0.51 0.53 0.55 2.53
Talisman Energy Inc. TLM 8.0 19.0 17.3 9.5 21.1 45.2 0.0 28.6 16.7 0.0 0.0 0.0 13.8 13.3 (6.4) 67.3 0.30 0.33 0.36 0.40 0.43 1.81
Targa Resources Partners NGLS 7.5 1.4 12.2 118.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.6 32.5 n/a 50.2 2.48 2.73 3.00 3.31 3.64 15.16
TECO Energy Inc. TE 4.3 1.9 0.6 2.6 2.0 0.0 0.0 0.0 0.0 2.2 3.0 3.5 1.7 1.5 (6.8) 42.7 0.87 0.90 0.94 0.97 1.01 4.69
Teekay LNG Partners LP TGP 6.3 3.9 4.6 9.8 10.3 177.6 0.0 0.0 0.0 0.0 0.0 0.0 17.7 48.3 (19.9) 39.2 2.77 2.95 3.14 3.33 3.55 15.74
Teekay Offshore Partners TOO 5.3 4.2 9.1 45.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.3 12.4 n/a 23.7 2.17 2.31 2.45 2.60 2.76 12.29
Texas Instruments TXN 14.3 8.9 9.8 36.7 130.8 23.8 18.0 4.7 0.0 0.0 0.0 0.0 20.6 34.9 15.1 71.0 0.62 0.67 0.73 0.80 0.87 3.69
Texas Pacific Land Trust TPL 5.0 5.3 5.6 12.5 23.1 0.0 0.0 25.0 0.0 0.0 0.0 0.0 6.4 8.7 (12.9) 47.8 0.22 0.22 0.23 0.24 0.24 1.15
Textainer Group Holdings LTGH 29.3 7.6 3.4 345.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32.1 94.7 n/a 56.8 1.36 1.50 1.64 1.81 1.99 8.30
Tim Hortons Inc. THI 36.7 39.4 1.1 35.1 109.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18.5 31.7 22.4 54.7 0.75 0.83 0.91 1.00 1.10 4.58
Torchmark Corp. TMK 9.0 8.9 1.8 5.8 8.3 9.1 0.0 15.8 5.6 0.0 0.0 0.0 5.4 4.9 (2.3) 71.6 0.48 0.53 0.58 0.64 0.70 2.93
Tower Group Inc. TWGP 76.3 50.0 30.0 60.0 25.0 0.0 300.0 0.0 0.0 0.0 0.0 0.0 45.1 81.2 5.6 53.5 0.76 0.83 0.92 1.01 1.11 4.62
TransAlta Corp. TAC 5.8 8.1 2.2 7.8 5.9 1.3 0.0 0.0 10.3 81.4 0.0 0.0 10.2 21.8 n/a 49.7 1.30 1.43 1.57 1.73 1.91 7.94
Transmontaigne Partners TLP 2.9 1.3 4.4 18.9 12.4 207.3 0.0 0.0 0.0 0.0 0.0 0.0 20.6 56.6 (0.2) 36.6 2.53 2.60 2.68 2.76 2.84 13.42
Travelers Companies TRV 12.8 14.6 3.4 5.3 11.9 11.0 4.6 0.0 0.0 3.6 3.7 3.8 6.2 4.8 0.7 66.6 1.63 1.79 1.97 2.16 2.38 9.92
Triangle Capital Corp. TCAP 7.3 1.9 12.5 46.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.7 13.0 n/a 46.8 1.86 2.05 2.25 2.48 2.73 11.37
Union Pacific UNP 60.8 11.1 16.1 37.8 12.5 0.0 0.0 30.4 15.0 0.0 0.0 0.0 15.3 18.3 12.6 78.9 2.12 2.34 2.57 2.83 3.11 12.96
United Community Bancor UCBA 2.3 10.3 11.4 12.9 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.0 13.2 (4.0) 38.2 0.45 0.47 0.48 0.50 0.51 2.41
United Financial Bancorp UBNK 13.3 7.1 3.7 12.5 20.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 6.7 (4.5) 61.0 0.37 0.41 0.45 0.50 0.55 2.28
Utah Medical Products Inc. UTMD 0.5 1.6 2.2 2.3 13.5 23.8 40.0 0.0 0.0 0.0 0.0 0.0 7.0 12.2 (6.6) 37.8 1.01 1.04 1.08 1.11 1.14 5.38
Vanguard Natural Resourc VNR 4.6 9.0 9.9 328.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.3 90.2 n/a 47.4 2.51 2.59 2.68 2.76 2.86 13.40
Verizon Communications VZ 2.6 3.1 6.0 6.4 1.5 1.2 3.9 0.0 0.0 0.0 0.0 0.0 2.1 2.3 (34.4) 41.6 2.16 2.36 2.57 2.81 3.07 12.97
Visa Inc. V 27.6 19.3 109.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.0 30.4 n/a 45.4 0.74 0.81 0.89 0.98 1.08 4.50
VSE Corp. VSEC 18.2 15.8 11.8 13.3 15.4 18.2 22.2 12.5 0.0 0.0 3.2 10.7 11.8 6.9 11.4 69.3 0.26 0.28 0.31 0.33 0.36 1.54
Waste Management WM 7.9 8.6 7.4 12.5 9.1 10.0 6.7 7400.0 0.0 0.0 0.0 0.0 621.9 2043.7 (4.4) 63.8 1.50 1.61 1.73 1.87 2.01 8.72
Westar Energy WR 3.2 3.3 3.4 7.4 8.0 8.7 21.1 0.0 0.0 0.0 0.0 0.0 4.6 5.9 (5.0) 49.0 1.35 1.43 1.50 1.59 1.67 7.54
Western Gas Partners LP WES 14.7 13.0 168.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16.4 46.2 n/a 42.1 1.75 1.93 2.12 2.34 2.57 10.71
Westlake Chemical Corp. WLK 13.4 10.0 7.3 13.9 33.3 39.2 385.0 0.0 0.0 0.0 0.0 0.0 41.8 104.2 0.9 68.4 0.30 0.32 0.34 0.36 0.39 1.71
Williams Companies WMB 59.8 10.2 2.3 10.3 13.0 38.0 212.5 100.0 0.0 0.0 13.3 0.0 38.3 60.0 (4.4) 58.3 0.85 0.94 1.03 1.13 1.25 5.20
Williams Partners LP WPZ 9.3 4.4 4.3 19.1 27.4 981.5 0.0 0.0 0.0 0.0 0.0 0.0 87.2 269.8 2.1 47.6 3.02 3.16 3.30 3.45 3.61 16.53
Williams-Sonoma Inc. WSM 20.0 14.6 1.1 6.7 48.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.6 13.9 1.5 67.7 0.73 0.80 0.88 0.97 1.06 4.43
Wisconsin Energy WEC 30.0 18.5 25.0 8.0 8.7 4.5 6.0 3.7 0.0 0.0 0.0 0.0 8.7 9.9 4.3 70.7 1.08 1.15 1.23 1.31 1.40 6.17
Xcel Energy XEL 3.0 3.1 3.2 3.3 3.4 3.6 7.0 5.3 0.0 0.0 14.5 0.0 3.9 3.8 (9.0) 47.9 1.09 1.15 1.20 1.26 1.32 6.03
Yum! Brands Inc. YUM 17.6 12.8 14.7 29.5 98.1 23.3 115.0 0.0 0.0 0.0 0.0 0.0 25.9 37.5 13.1 69.4 1.14 1.25 1.38 1.52 1.67 6.95
Averages: 190 12.0 9.1 11.7 25.6 28.2 29.4 27.3 8.2 0.0 0.0 0.0 1.9 12.8 11.3 (1.9) 69.7 1.28 1.40 1.54 1.68 1.84 7.75
Averages for 366 10.5 8.2 9.5 18.7 19.5 18.8 17.9 11.8 5.5 5.6 0.0 5.8 11.0 6.2 (4.0) 68.2 1.31 1.42 1.54 1.67 1.80 7.74
Averages for 471 9.7 7.4 8.6 16.4 16.8 16.1 15.2 10.8 5.7 5.2 1.5 5.8 9.9 4.9 (5.1) 68.7 1.33 1.44 1.56 1.69 1.83 7.85
Challengers
5-year Total
Company Ticker
Est. Payback
Name Symbol %
A. Schulman Inc. SHLM 17.2
Aaron's Inc. AAN 1.2
Accenture plc ACN 12.0
Acme United Corp. ACU 13.5
Alliance Financial Corp. ALNC 19.2
Alliance Holdings GP LP AHGP 29.9
Alliant Energy Corp. LNT 22.9
Altera Corp. ALTR 5.0
American Equity InvestmentAEL 6.7
American Financial Group IAFG 11.5
American Greetings AM 27.5
American Science and EngiASEI 14.5
American Water Works AWK 15.0
AmeriGas Partners LP APU 40.9
Ameriprise Financial Inc. AMP 10.6
AmerisourceBergen Corp. ABC 7.0
AmTrust Financial ServicesAFSI 8.4
Assurant Inc. AIZ 12.2
Astrazeneca plc AZN 29.5
Bank of Marin Bancorp BMRC 9.3
Bar Harbor Bankshares BHB 16.8
Baxter International Inc. BAX 13.6
Birner Dental Management BDMS 26.0
Boardwalk Pipeline Partne BWP 43.3
Bob Evans Farms BOBE 14.8
BOK Financial Corp. BOKF 11.7
Brinker International EAT 11.7
Broadridge Financial Soluti BR 17.3
Brookfield Infrastructure P BIP 23.9
CAE Inc. CAE 10.6
Campbell Soup Co. CPB 18.9
CenterPoint Energy CNP 23.2
Chesapeake Utilities CPK 16.8
China Mobile Limited CHL 19.5
CMS Energy Corp. CMS 21.9
Coca-Cola Enterprises Inc. CCE 11.1
Coca-Cola FEMSA S.A.B. dKOF 10.8
Columbia Sportswear Co. COLM 11.0
Comcast Corp. CMCSA 8.7
Compass Minerals Internat CMP 16.5
ConAgra Foods Inc. CAG 22.6
Challengers
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Costco Wholesale COST 6.3
Covidien plc COV 9.3
Crane Company CR 16.8
Crestwood Midstream Part CMLP 48.6
CSX Corp. CSX 13.1
Cummins Inc. CMI 9.2
CVS Caremark CVS 7.4
Daktronics Inc. DAKT 15.5
Darden Restaurants DRI 19.4
DCP Midstream Partners L DPM 35.9
Deere & Company DE 13.1
Delta Natural Gas DGAS 20.9
DeVry Inc. DV 7.9
Digital Realty Trust DLR 24.3
Dominion Resources D 22.6
Duke Energy Corp. DUK 26.5
Dun & Bradstreet Corp. DNB 11.8
Dynex Capital Inc. DX 57.7
Ecology & Environment Inc EEI 23.3
Edison International EIX 16.2
El Paso Pipeline Partners EPB 30.1
Enbridge Energy Partners EEP 43.0
Energy Transfer Equity LP ETE 35.9
Ensign Group Inc. ENSG 4.9
Epoch Holding Corp. EPHC 7.2
Equity LifeStyle Properties ELS 13.9
EV Energy Partners LP EVEP 26.0
Evercore Partners Inc. EVR 20.1
Exterran Partners LP EXLP 51.6
Farmers and Merchants BaFMAO 20.6
Finish Line Inc. (The) FINL 5.8
Flowserve Corp. FLS 6.6
Frisch's Restaurants Inc. FRS 10.2
G&K Services Inc. GKSR 9.6
Gap Inc. GPS 8.2
General Mills GIS 18.7
Genesis Energy LP GEL 32.0
Greif Inc. B GEF.B 27.5
Guess? Inc. GES 20.6
H.J.Heinz Co. HNZ 20.3
Hanover Insurance Group THG 20.5
Challengers
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Hasbro Inc. HAS 19.3
Hawkins Inc. HWKN 9.1
Health Care REIT Inc. HCN 32.5
HEICO Corp. HEI 1.7
Hillenbrand Inc. HI 27.0
Holly Energy Partners LP HEP 31.8
Hubbell Inc. B HUB-B 12.4
Intel Corp. INTC 20.5
International Speedway Co ISCA 4.3
ITC Holdings Corp. ITC 12.8
J&J Snack Foods Corp. JJSF 4.6
JB Hunt Transport ServicesJBHT 6.7
Kaydon Corp. KDN 22.5
Kellogg Company K 20.4
Kinross Gold Corp. KGC 7.2
Knight Transportation Inc. KNX 11.3
Kroger Company KR 12.5
L-3 Communications HoldinLLL 13.6
Laclede Group Inc. LG 21.7
Lake Shore Bancorp Inc. LSBK 15.3
Landauer Inc. LDR 25.2
Landstar System Inc. LSTR 3.0
Lazard Limited LAZ 14.3
Lockheed Martin LMT 21.3
Lorillard Inc. LO 27.3
Medicis Pharmaceutical CoMRX 6.4
Mesa Laboratories Inc. MLAB 6.1
Microsoft Corp. MSFT 14.5
Molex Inc. MOLX 17.6
Monro Muffler Brake Inc. MNRO 6.7
MSC Industrial Direct Co. I MSM 8.6
National CineMedia Inc. NCMI 38.9
National Healthcare Corp. NHC 15.8
National Interstate Corp. NATL 9.7
National Research Corp. NRCI 11.9
Natural Resource Partners NRP 53.8
Navios Maritime Partners NMM 68.5
NewMarket Corp. NEU 5.3
Northrop Grumman NOC 16.4
NorthWestern Corp. NWE 23.9
NuStar GP Holdings LLC NSH 39.2
Challengers
5-year Total
Company Ticker
Est. Payback
Name Symbol %
NV Energy Inc. NVE 16.9
OGE Energy Corp. OGE 16.2
ONEOK Partners LP OKS 22.9
Pall Corp. PLL 8.5
PennantPark Investment C PNNT 63.0
Perrigo Company PRGO 1.8
PG&E Corp. PCG 22.4
Portland General Electric CPOR 21.6
PSB Holdings Inc. PSBQ 13.8
Quaker Chemical Corp. KWR 13.5
Randgold Resources Ltd. GOLD 1.3
Raytheon Company RTN 18.4
Regal Beloit Corp. RBC 6.9
Reynolds American Inc. RAI 28.7
RGC Resources Inc. RGCO 20.6
Robbins & Myers Inc. RBN 2.0
Robert Half International In RHI 14.3
Rogers Communications InRCI 21.4
Ryder System R 18.4
Safeway Inc. SWY 21.7
Sanderson Farms Inc. SAFM 10.2
Sempra Energy SRE 16.0
Senior Housing Properties SNH 41.6
Sensient Technologies Cor SXT 14.0
Shire plc SHPG 2.4
Silgan Holdings Inc. SLGN 6.8
Smith & Nephew plc SNN 8.7
Somerset Hills Bancorp SOMH 15.0
Southwest Gas Corp. SWX 13.7
Spectra Energy Partners L SEP 31.9
Steris Corp. STE 12.1
StoneMor Partners LP STON 65.4
Strayer Education Inc. STRA 33.7
Suncor Energy Inc. SU 8.1
Talisman Energy Inc. TLM 13.0
Targa Resources Partners NGLS 37.4
TECO Energy Inc. TE 27.0
Teekay LNG Partners LP TGP 39.6
Teekay Offshore Partners TOO 43.3
Texas Instruments TXN 12.7
Texas Pacific Land Trust TPL 2.0
Challengers
5-year Total
Company Ticker
Est. Payback
Name Symbol %
Textainer Group Holdings LTGH 23.5
Tim Hortons Inc. THI 9.1
Torchmark Corp. TMK 5.7
Tower Group Inc. TWGP 24.8
TransAlta Corp. TAC 52.6
Transmontaigne Partners TLP 36.7
Travelers Companies TRV 15.3
Triangle Capital Corp. TCAP 46.3
Union Pacific UNP 10.7
United Community Bancor UCBA 35.1
United Financial Bancorp UBNK 16.0
Utah Medical Products Inc. UTMD 15.9
Vanguard Natural Resourc VNR 46.8
Verizon Communications VZ 30.2
Visa Inc. V 3.5
VSE Corp. VSEC 6.6
Waste Management WM 25.2
Westar Energy WR 25.9
Western Gas Partners LP WES 22.4
Westlake Chemical Corp. WLK 2.5
Williams Companies WMB 16.1
Williams Partners LP WPZ 32.0
Williams-Sonoma Inc. WSM 10.8
Wisconsin Energy WEC 16.3
Xcel Energy XEL 21.6
Yum! Brands Inc. YUM 10.9
Averages: 190 18.0

Deletions #Unchanged in consecutive years
Companies in Green froze dividend, then resumed increases (See Appendix C on Notes tab)
Companies in Blue cut dividend, then resumed increases
No. Date Div Div # Merg
Company Symbol Yrs Deleted Cut Unch Acq Other Notes
Albany International Corp. AIN 8 9/10/10 X 2010=2009, Increase in 2011
Allete Inc. ALE 8 10/20/10 X 2010=2009, Incr. in 2011, 2012
Allied World Assurance Co.AWH 5 8/18/11 X Increase after two qtrs no pmt.
Altria Group MO 39 1/30/08 X PM Spin-off; Reinstated 3/6/10
Amcol International Corp. ACO 7 9/10/10 X 2010=2009
Anheuser-Busch BUD 31 11/18/08 X acq. by InBev; became ADR IPO
Apogee Enterprises Inc. APOG 8 10/6/10 X 2010=2009, increase in 2012
Arch Coal Inc. ACI 8 5/1/12 X
Arthur J. Gallagher AJG 23 7/23/10 X 2010=2009, Incr. in 2011, 2012
Associated Banc-Corp ASBC 38 4/21/09 X Cut again in 2010
Astro-Med Inc. ALOT 7 8/21/12 X
Avery Dennison AVY 32 8/4/09 X Incr. in 2011, 2012
BancorpSouth Inc. BXS 25 9/5/10 X 2010=2009; cut twice in 2011
Bank of America BAC 30 10/6/08 X Cut again in 2009
Bank of Hawaii BOH 30 10/25/10 X 2010=2009
BB&T Corp. BBT 37 5/11/09 X Increases in 2011, 2012
Beckman Coulter BEC 17 7/7/11 X acq. by Danaher Corp.
Block (H&R) Inc. HRB 12 9/10/10 X 2010=2009, increase in 2012
Boeing Company BA 6 10/25/10 X 2010=2009, increase in 2012
Buckeye GP Holdings LP BGH 5 9/23/10 X acq. by Buckeye Partners LP
Buckle Inc. BKE 6 9/21/10 X 2010=2009
Carpenter Technology CorpCRS 5 10/12/10 X 2010=2009
Cedar Fair LP FUN 20 3/9/09 X Susp 2010, cut/raised '11, cut '12
CenturyLink Inc. CTL 37 11/15/11 X 2011=2010
Charles Schwab Corp. SCHW 6 10/26/10 X 2010=2009
Chemical Financial CHFC 34 10/26/09 X 2009=2008, cut in 2010
Chesapeake Energy Corp. CHK 7 9/10/10 X 2010=2009, increase in 2011
Cheviot Financial Corp. CHEV 8 2/23/12 X
Choice Hotels International CHH 5 9/23/10 X 2010=2009
City Holding Co. CHCO 7 10/7/10 X 2010=2009, increase in 2012
CNB Financial Corp. CCNE 18 11/9/10 X 2010=2009
CNOOC Ltd. CEO 7 8/28/12 X
Comerica Inc. CMA 39 10/6/08 X Cut again in '09, incr. in '11, '12
Comfort Systems USA Inc. FIX 6 11/3/11 X 2011=2010
Consolidated Water Co. CWCO 13 10/10/11 X 2011=2010
Copano Energy LLC CPNO 5 10/13/10 X 2010=2009
Corporate Office PropertiesOFC 13 1/12/12 X Cut, then suspended
Courier Corp. CRRC 15 11/15/10 X 2010=2009
CSS Industries Inc. CSS 6 11/17/10 X 2010=2009
Danaher Corp. DHR 15 9/29/09 X 2009=2008, incr. in 2010, 2011
Delphi Financial Group DFG 11 5/31/12 X Acquired by Tokio Marine Holdings
Dentsply International Inc. XRAY 7 9/10/10 X 2010=2009, incr. In 2012
DPL Inc. DPL 6 11/30/11 X Acquired by AES Corp.
Duncan Energy Partners L DEP 5 9/7/11 X acq. by Enterprise Prod. Partners
EastGroup Properties EGP 16 7/16/10 X 2010=2009
Eli Lilly & Company LLY 42 10/18/10 X 2010=2009
Empresa Nacional de ElectEOC 8 5/2/12 X
Energy Transfer Partners LETP 12 10/28/10 X 2010=2009
EnergySouth Inc. ENSI 33 10/8/08 X acq. by Sempra Energy
Enterprise GP Holdings LP EPE 6 9/12/10 X acq. by Enterprise Prod LP
F.N.B. Corp. FNB 35 2/18/09 X
Federated Investors Inc. FII 13 10/28/10 X 2010=2009
Fifth Third Bancorp FITB 34 6/18/08 X Cut again in '08, increases in 2011
First Financial Bankshares FFIN 23 9/10/10 X 2010=2009, incr. in 2011, 2012
FirstMerit Corp. FMER 24 11/20/08 X 2008=2007, cut in 2009
Florida Public Utilities FPU 40 10/29/09 X acq. by Chesapeake Utilities
Foot Locker Inc. FL 5 9/10/10 X 2010=2009, incr. in 2011, 2012
Fulton Financial FULT 32 3/17/09 X Increase in 2011
Gannett Company GCI 39 2/25/09 X Increases in 2011, 2012
Gas Natural Inc. EGAS 5 12/2/11 X 2011=2010
GATX Corp. GMT 5 10/22/10 X 2010=2009, incr. in 2011, 2012
General Electric GE 32 2/27/09 X Increases in 2010*, 2011,2012
Gentex Corp. GNTX 6 9/10/10 X 2010=2009, increase in 2011
Getty Realty Corp. GTY 11 9/23/11 X Cut in 2011; Stopped/Started 2012
Glacier Bancorp GBCI 16 10/1/09 X 2009=2008
Greif Inc. A GEF 7 8/31/12 X
Harleysville Group HGIC 25 5/1/12 X Acquired by Nationwide Mutual
Harleysville National HNBC 27 11/17/08 X 2008=2007, acq. by First Niagara
Harleysville Savings HARL 22 10/19/11 X 2011=2010, increase in 2012
Harsco Corp. HSC 16 10/10/11 X 2011=2010
Heritage Financial Group HBOS 6 2/24/11 X
Hershey Company HSY 33 10/19/09 X 2009=2008, incr. in '10, '11, '12
Hillenbrand Industries HB 35 3/31/08 X Split into Hill-Rom/Hillenbrand Inc.
HNI Corp. HNI 19 11/18/09 X 2009=2008, incr. in 2011, 2012
Holly Corp. HOC 16 9/10/10 X 2010=2009, incr. '11/'12, now HFC
Honeywell International HON 5 10/29/10 X 2010=2009, increase in 2011
Hudson City Bancorp HCBK 12 4/20/11 X
Independent Bank Corp. M INDB 8 9/16/10 X 2010=2009, incr. in 2011, 2012
Inergy Holdings LP NRGP 6 8/10/10 X acquired by Inergy LP
Inergy LP NRGY 10 4/26/12 X
Infosys Technologies Ltd. INFY 15 12/2/11 X
Ingredion Inc. INGR 5 9/15/10 X 2010=2009, increases in '11, '12
Integrys Energy Group TEG 51 10/14/10 X 2010=2009
Investors Real Estate TrustIRET 39 6/30/11 X
ITT Corp. ITT 8 11/8/11 X Spun off XLS and XYL
Johnson Controls JCI 33 9/29/09 X 2009=2008, increase in 2010
Joy Global Inc. JOYG 5 11/23/10 X 2010=2009
KeyCorp KEY 43 6/18/08 X Cut again '08, '09, increase in '11
Kimco Realty KIM 15 9/29/09 X Increases in 2010, 2011
Koninklijke KPN N.V. KKPNY 8 8/1/12 X
Kraft Foods KFT 8 9/10/10 X 2010=2009
Lakeland Financial LKFN 13 10/20/10 X 2010=2009
La-Z-Boy Inc. LZB 25 2/19/08 X Suspended in 2009
LCNB Corp. LCNB 23 11/10/09 X 2009=2008
Legg Mason LM 27 5/4/09 X Increases in 2010, 2011, 2012
Lincoln National LNC 25 10/31/08 X Cut again in '09, increase in 2011
M&T Bank Corp. MTB 27 11/17/09 X 2009=2008
MarkWest Energy Partners MWE 7 10/27/10 X 2010=2009, incr. in 2011, 2012
Marshall & Ilsley MI 36 1/15/09 X Acquired by Bank of Montreal
Martin Marietta Materials MLM 16 11/11/10 X 2010=2009
Martin Midstream Partners MMLP 6 10/26/10 X 2010=2009, increases in 2011
Masco Corp. MAS 50 3/27/09 X
Meridian Bioscience Inc. VIVO 19 11/10/11 X 2011=2010
Methanex Corp. MEOH 7 11/24/10 X 2010=2009, increase in 2011
Molex Inc. MOLX 5 9/29/10 X Reinstated; Fiscal Year Streak OK
Myers Industries MYE 30 9/29/09 X 2009=2008, incr. in '10, '11, '12
National Healthcare Corp. NHC 7 11/15/10 X Reinstated; deleted in error
National Penn Bancshares NPBC 31 4/24/09 X Cut again in 2009, increase in '11
National Presto Industries NPK 8 2/21/12 X
National Semiconductor NSM 6 9/21/11 X Acquired by Texas Instruments
NB&T Financial Group Inc. NBTF 9 9/21/10 X 2010=2009, increase in 2011
NewAlliance Bancshares NAL 5 9/1/10 X acquired by First Niagara
Noble Corp. NE 8 2/3/12 X
Noble Energy Inc. NBL 6 10/26/10 X 2010=2009, increase in 2011
Northern Trust NTRS 22 11/30/09 X 2009=2008
NSTAR NST 14 4/9/12 X Acquired by Northeast Utilities
Ohio Valley Banc Corp. OVBC 15 10/18/11 X 2011=2010
Old National Bancorp ONB 26 4/27/09 X Increase in 2012
Orrstown Financial Service ORRF 11 11/1/11 X
Otter Tail Corp. OTTR 33 10/30/09 X 2009=2008
Overseas Shipholding GrouOSG 5 9/21/10 X 2010=2009
Park National Corp. PRK 20 8/22/10 X 2009=2008
Paychex Inc. PAYX 20 10/13/10 X 2010=2009, increase in 2011
Penn Virginia Resource Pa PVR 7 10/27/10 X 2010=2009, incr. in 2011, 2012
Peoples Bancorp OH PEBO 43 8/29/09 X Increase in 2012
Pfizer Inc. PFE 41 1/26/09 X Increases in 2010*, 2011, 2012
Pharmaceutical Product DePPDI 6 11/30/11 X Acquired by Carlyle Groep et al.
Pool Corp. POOL 5 11/4/10 X 2010=2009, incr. in 2011, 2012
Progress Energy PGN 21 9/17/10 X 2010=2009, acq. by Duke Energy
Progressive Corp. PGR 36 1/30/08 X Increases in 2010, 2011
Public Service Enterprise PEG 7 11/15/11 X 2011=2010, increase in 2012
QNB Corp. QNBC 14 11/23/10 X 2010=2009, incr. in 2011, 2012
Regions Financial RF 37 7/22/08 X Cut again in 2009
Rockwell Collins Inc. COL 5 10/25/10 X 2010=2009, increase in 2012
Rohm and Haas ROH 31 3/9/09 X Acquired by Dow Chemical
Royal Dutch Shell plc A RDS-A 5 10/28/11 X 2011=2010, increase in 2012
Royal Dutch Shell plc B RDS-B 5 10/28/11 X 2011=2010, increase in 2012
S&T Bancorp STBA 18 9/11/09 X
S.Y. Bancorp SYBT 13 9/10/10 X 2010=2009, incr. in 2011, 2012
Shenandoah TelecommunicSHEN 14 10/20/11 X 2011=2010
State Auto Financial STFC 16 11/6/09 X 2009=2008
State Street Corp. STT 27 2/5/09 X Increases in 2011, 2012
SunTrust Banks Inc. STI 22 1/22/09 X Cut again in 2009, increase in '11
Supervalu Inc. SVU 35 10/20/09 X Div. Suspended in 2012
Susquehanna Bancshares SUSQ 26 4/15/09 X Increase in 2011
Synovus Financial SNV 30 9/10/08 X Cut again in 2009
Teekay Corp. TK 6 10/5/10 X 2010=2009
Teleflex Inc. TFX 31 10/26/10 X 2010=2009
Telefonica S.A. TEF 9 12/15/11 X
Teppco Partners TPP 16 10/26/09 X acq. by Enterprise Products LP
TransAtlantic Holdings TRH 21 7/31/12 X Acquired by Alleghany Corp.
Trinity Industries Inc. TRN 5 9/10/10 X 2010=2009, increase in 2011
Trustmark Corp. TRMK 25 10/30/09 X 2009=2008
U.S. Bancorp USB 36 3/4/09 X Increases in 2011, 2012
UDR Inc. UDR 32 5/26/09 X Increases in 2010*, 2011, 2012
Uinversal Forest Products UFPI 16 10/14/11 X 2011=2010
United Bancorp Inc. UBCP 14 11/10/10 X 2010=2009
United Bankshares UBSI 35 9/29/09 X Reinstated 12/3/09-YE Increase
Valley National Bancorp VLY 18 7/12/10 X Cuts in '09, '10, Incr. in '11, cut '12
Village Super Market Inc. VLGEA 8 3/18/11 X Cut 25¢>10¢ after $1.25 Special
Vulcan Materials VMC 15 6/11/09 X Cut again in 2011
Washington Federal WFSL 25 1/30/09 X Increases in 2011, 2012
Washington REIT WRE 39 7/26/12 X
Washington Trust Bancorp WASH 16 9/17/10 X 2010=2009, incr. in 2011, 2012
Wells Fargo & Co. WFC 20 3/6/09 X Increases in 2011, 2012
Wesbanco Inc. WSBC 22 8/29/09 X Increases in 2011, 2012
Wesco Financial Corp. WSC 39 6/24/11 X acq. By Berkshire Hathaway
Willis Group Holdings plc WSH 6 9/10/10 X 2010=2009, increase in 2012
Wilmington Trust WL 27 2/5/09 X Acquired by M&T Bank
Wolverine World Wide WWW 15 9/10/10 X 2010=2009, increase in 2011
Wrigley (Wm. Jr.) Co. WWY 28 10/8/08 X Acquired by Mars Inc.
WSFS Financial Corp. WSFS 10 10/29/10 X 2010=2009
Number of Companies 172 58 91 20 3 Includes 4 Later Reinstatements
Adj. No. of Companies 168 57 89 20 2 Excludes 4 Later Reinstatements
Percent of Total 100.0 33.9 53.0 11.9 1.2
Average Streak Ended: 18.3 7/15/10
* Despite increase, yearly total was lower than prior year
Additions and other company-specific changes

2/12/08 Added Franklin Resources (annual increases since 1981)
2/16/08 Corrected Teleflex Inc. note; not being acquired; DRIP changed to Yes
4/4/08 Note removed from Myers Industries (takeover by GS Capital cancelled)
4/28/08 Note added to Wrigley (agreed to be acquired by Mars Inc.)
7/10/08 Note added to Rohm & Haas (agreed to be acquired by Dow Chemical)
7/14/08 Note added to Anheuser-Busch (agreed to be acquired by InBev)
7/28/08 Note added to EnergySouth Inc. (agreed to be acquired by Sempra Energy)
9/30/08 Corrected Harleysville National (HNBC) info (no increase since late 2006)
11/20/08 Added Brown-Forman Class B (div. increased for 25th straight year)
11/21/08 Added BancorpSouth Inc. (div. increased for 25 straight years)
11/21/08 Added F.N.B. Corp. (div. increased for 37 straight years; "Alternator" company)
11/23/08 Added Bowl America Class A (div. increased for 37 straight years)
11/23/08 Added Community Trust Bancorp (div. increased for 28 straight years)
1/26/09 Changed notation on Rohm and Haas (Acquisition by Dow Chemical in question)
2/19/09 Added Progress Energy to Contenders tab (21 years)
4/20/09 Added Notation to Florida Public Utilities (being acquired by Chesapeake Utilities)
6/29/09 Added Notation to Teppco Partners (being acq'd by Enterprise Products Partners)
7/1/09 Changed name CenturyTel to CenturyLink following merger with Embarq
7/20/09 Added Harleysville Savings to Contenders tab (22 years)
8/6/09 Added LCNB Corp. to Contenders tab (23 years)
12/7/09Added New Jersey Resources to Contenders tab (15 years)
1/8/10Added Harsco Corp. to Contenders tab (16 years)
1/15/10Added Lincoln Electric Holdings to Contenders tab (15 years)
1/23/10Added Polaris Industries to Contenders tab (15 years)
3/5/10Added United Technologies to Contenders tab (16 years)
3/5/10Added Holly Corp. and Universal Forest Products to Contenders (16 years each)
3/7/10Added Albemarle (16 years) and Buckeye Partners (15) to Contenders tab
3/7/10Added Franklin Electric (17 years) and Urstadt Biddle Properties (16)
3/12/10Added Erie Indemnity Company to Contenders tab (20 years)
3/13/10Added Martin Marietta Materials to Contenders tab (16 years)
3/14/10Added UMB Financial Corp. to Contenders tab (19 years)
3/25/10Added Hingham Institution for Savings to Contenders tab (15 years)
3/26/10Added Tompkins Financial to Contenders tab (24 years)
3/30/10Added Expeditors International, Matthews International to Contenders (15 yrs each)
3/30/10Added People's United Financial to Contenders tab (16 years)
3/31/10Added First Financial Bankshares to Contenders tab (23 years)
4/27/10Added International Business Machines to Contenders tab (15 years)
5/10/10Changed Clarcor streak from 26 to 45 years per company website
5/10/10Changed Gorman-Rupp streak from 35 to 37 years (during 2009) per press release
5/12/10Moved NACCO Industries from Contenders tab to Champions list (25 years)
5/21/10Added ACE Limited to Contenders tab (18 years)
6/23/10Changed FPL Group (FPL) to NextEra Energy (NEE) on Contenders tab
6/29/10Changed Questar Corp. to Questar Resources and added notation re: QEP Spin-off
7/3/10Adjusted Questar current dividend and history for QEP spin-off
7/24/10Added Enbridge Inc. and RenaissanceRe Holdings to Contenders tab (15 years)
7/24/10Added Imperial Oil Ltd. to Contenders tab (18 years)
7/24/10Added PartnerRe Limited to Contenders tab (17 years)
7/24/10Added Southside Bancshares to Contenders tab (16 years)
7/27/10(through Sept.) Populated Challengers tab and added new companies
7/28/10Added Ohio Valley Banc Corp. to Contenders tab (15 years)
8/3/10Changed General Dynamics streak from 17 to 19 years per Yahoo data
8/6/10Added Investors Real Estate Trust (39 years) to Champions, DivHistory tabs
8/11/10Corrected Questar Corp. dividend amounts per latest increase, web site info
8/22/10Moved Travelers Co's from Contenders to Challengers (2004 div cut re: merger)
9/8/10Added Unisource Energy Corp. to Contenders tab (11 years)
9/9/10Moved Brady Corp. from Contenders to Champions (25 years)
10/19/10Moved Shenandoah Telecommunications from Challengers to Contenders (10 years)
10/21/10Added Met-Pro Corp. to Contenders tab (10 years)
10/22/10Changed Shenandoah Telecommunications from 10 years to 14 per website
10/25/10Moved NuStar Energy LP from Challengers to Contenders (10 years)
10/28/10Added Orrstown Finmancial Services to Contenders tab (10 years)
11/23/10Moved McCormick & Co. from Contenders to Champions (25 years)
11/25/10Moved Computer Services Inc. from Challengers to Contenders (22 years)
12/15/10Moved Nu Skin Enterprises Inc. from Challengers to Contenders (10 years)
12/29/10Moved Royal Gold Inc. from Challengers to Contenders (10 years)
12/29/10Moved Span America Medical Systems from Challengers to Contenders (11 years)
1/10/11Added Duke Energy to Challengers tab; 6 years adj. For 2007 Spectra Energy spin-off
1/10/11Corrected Telefonica S.A. from 5 to 8 years (and 2005 dividend amount)
1/11/11 Added Citizens Financial Services to Contenders tab (12 years)
1/13/11 Added Canadian Natural Resources to Contenders tab (10 years)
1/14/11 Added National Healthcare Corp. back to Challengers; was deleted in error
1/25/11 Moved Norfolk Southern from Challengers to Contenders (10 years)
1/27/11 Moved Sunoco Logistics Partners LP from Challengers to Contenders (10 years)
1/28/11 Moved HCP Inc. from Contenders to Champions (26 years)
1/30/11 Added Unilever NV and Unilever plc to Contenders tab (10 years)
2/3/11 Moved Novartis AG from Challengers to Contenders (10 years)
2/4/11 Moved Landmark Bancorp from Challengers to Contenders (10 years)
2/9/11 Moved Auburn National Bancorp from Challengers to Contenders (10 years)
2/10/11 Moved Thomson Reuters Corp. from Challengers to Contenders (18 years)
2/17/11 Added National Health Investors to Contenders tab (10 years)
2/25/11 Moved Teche Holding Co. from Challengers to Contenders (10 years)
3/2/11 Moved Novo Nordisk A/S from Challengers to Contenders (10 years)
3/21/11 Moved Raven Industries from Contenders to Champions (25 years)
3/27/11 Added Infosys Technologies Ltd. to Contenders tab (14 years)
4/1/11 Moved Watsco Inc. from Challengers to Contenders (10 years)
4/18/11 Moved Southern Company from Challengers to Contenders (10 years)
4/22/11 Corrected Peoples United Financial streak from 18 to 19 years per company info
4/26/11 Moved Valmont Industries from Challengers to Contenders (10 years)
5/6/11 Moved Microchip Technology from Challengers to Contenders (10 years)
5/17/11 Moved W.R. Berkley from Challengers to Contenders (10 years)
5/24/11 Moved Donaldson Company from Contenders to Champions (25 years)
5/25/11 Moved Flowers Foods from Challengers to Contenders (10 years)
5/26/11 Moved Bunge Limited from Challengers to Contenders (10 years)
6/6/11 Moved FedEx Corp. from Challengers to Contenders (10 years)
7/21/11 Moved Tompkins Financial from Contenders to Champions (25 years)
7/28/11 Moved Maxim Integrated Products from Challengers to Contenders (10 years)
8/23/11 Corrected H.J. Heinz streak from 7 to 8 years per company/Yahoo info
9/9/11 Moved Nippon Telephone & Telegraph from Challengers to Contenders (10 years)
9/9/11 Moved NTT DoCoMo Inc. from Challengers to Contenders (10 years)
10/16/11 Corrected Eagle Financial Services streak from 7 to 24 years per company info
10/16/11 Moved Eagle Financial Services from Challengers to Contenders (24 years)
10/20/11 Moved Cass Information Systems from Challengers to Contenders (10 years)
10/21/11 Moved Eagle Financial Services from Contenders to Champions (25 years)
11/9/11 Corrected Aaron's Inc. streak from 7 to 9 years per company/Yahoo info
11/22/11 Corrected Valspar streak from 30 to 33 years per press release
12/16/11 TC Pipelines LP symbol changed from TCLP to TCP
12/16/11 AGL Resources symbol changed from AGL to GAS
12/28/11 Prosperity Bancshares symbol changed from PRSP to PB
1/20/12 Corrected 1st Source streak from 21 to 24 years per press release
2/24/12 Corrected Texas Pacific Land Trust streak from 7 to 9 years per press release
3/12/12 Changed Hubbell Inc. listing to HUB.B from HUB-A per FinViz listing
3/14/12 Changed BWL-A and GRF-B to BWL.A and GEF.B per Google listing
4/18/12 Corrected Sonoco Products streak from 29 to 30 years per press release
5/3/12 Corrected Cardinal Health streak from 23 to 16 years per research
6/8/12 Corrected Universal Health Realty Trust streak from 24 to 26 years per research
6/12/12 Corrected Enterprise Bancorp streak from 8 to 18 years per company website
6/13/12 Reinstated Molex Inc. to Challengers as Fiscal Year (June) Streak Intact
6/14/12 Corrected United Technologies streak from 18 to 19 years per research
6/14/12 Corrected Hingham Institution for Savings streak from 17 to 18 years per research
6/15/12 Corrected Thomasville Bancshares streak from 9 to 13 years per research
6/26/12 Corrected Bowl America A streak from 39 to 40 years as a Fiscal Year streak
7/1/12 Corrected Accenture plc streak from 6 to 7 years per research
7/11/12 Shire plc symbol changed from SHPGY to SHPG
8/2/12 Corrected McGraw-Hill most recent increase to eliminate erroneous 8/30 raise
8/3/12 Changed name of UniSource Energy Corp. (UNS) to UNS Energy Corp. (UNS)
8/21/12 Corrected J.M. Smucker streak from 13 to 15 years per research
8/21/12 Changed Vanguard Natural Resources to Monthly per press release
Comparison with Previous Months (NOT adjusted for additions, deletions, etc.)
No. of Champions (25+ years) No. of Contenders (10-24 years)
Companies End of Yrs Price Yield % Inc Companies End of Yrs Price Yield % Inc
139 Dec07 34.5 N/A N/A 10.23
136 Jan08 34.9 44.54 2.97 10.21
136 Feb08 35.2 43.72 3.13 10.15
135 Mar08 35.2 44.41 3.09 10.06
135 Apr08 35.3 45.89 3.02 9.92
135 May08 35.4 46.49 3.06 9.18
133 Jun08 35.4 42.80 3.53 10.52
132 Jul08 35.5 43.96 3.32 10.67
132 Aug08 35.6 44.88 3.23 10.85
131 Sep08 35.6 43.72 3.17 10.50
126 Oct08 35.8 37.58 3.68 10.36 Notes:
128 Nov08 35.9 35.58 3.94 9.91 Prior to May 2009, informal list of 27 companies or less
128 Dec08 35.9 35.71 3.92 9.59 Prior to June 2009, no pricing or div. Rate included
125 Jan09 36.1 32.75 4.57 9.30 Prior to July 2010, prev. div. rate, % increase not included
120 Feb09 36.4 29.80 4.93 8.77 Prior to August 2010, streaks of 10-14 years not included
116 Mar09 36.4 32.30 4.36 8.74
112 Apr09 36.7 35.82 3.79 8.63
109 May09 36.8 36.52 3.66 8.68 70 May09 17.9
109 Jun09 36.9 36.80 3.64 8.35 69 Jun09 18.0 31.68 3.80
109 Jul09 36.9 39.50 3.39 8.37 70 Jul09 18.0 33.76 3.50
107 Aug09 37.0 40.63 3.30 7.79 70 Aug09 18.1 34.49 3.45
104 Sep09 37.1 42.64 3.22 7.49 67 Sep09 18.3 35.51 3.44
98 Oct09 37.4 43.46 3.21 7.60 65 Oct09 18.4 34.80 3.50
97 Nov09 37.6 45.14 3.11 7.18 61 Nov09 18.4 36.44 3.43
98 Dec09 37.7 45.79 3.05 7.05 62 Dec09 18.4 37.24 3.33
98 Jan10 37.8 44.87 3.14 7.11 65 Jan10 18.4 36.52 3.39
98 Feb10 38.0 46.06 3.10 5.10 65 Feb10 18.6 37.24 3.35
99 Mar10 38.1 48.10 2.98 5.15 81 Mar10 18.3 40.34 3.06
99 Apr10 38.2 49.53 2.90 5.19 82 Apr10 18.4 43.21 2.95
100 May10 38.3 46.36 3.13 5.16 82 May10 18.4 40.28 3.14
100 Jun10 38.4 44.27 3.26 5.37 82 Jun10 18.4 38.62 3.28
100 Jul10 38.4 46.83 3.08 5.39 85 Jul10 18.3 41.67 2.98 6.71
101 Aug10 38.5 44.63 3.33 5.42 139 Aug10 15.8 38.12 3.37 6.36
101 Sep10 38.5 48.07 3.06 5.43 132 Sep10 15.6 41.64 3.20 6.66
97 Oct10 38.6 49.50 2.94 5.71 131 Oct10 15.6 42.83 3.12 6.44
98 Nov10 38.6 49.53 2.97 5.98 126 Nov10 15.7 43.56 3.05 6.39
98 Dec10 38.7 51.99 2.86 6.04 129 Dec10 15.7 45.84 2.90 6.63
99 Jan11 38.7 51.85 2.92 5.95 135 Jan11 15.5 45.97 2.93 6.88
99 Feb11 38.8 53.67 2.85 6.09 141 Feb11 15.5 46.96 2.95 7.60
100 Mar11 38.7 54.12 2.82 6.37 142 Mar11 15.4 48.34 2.95 8.33
100 Apr11 38.8 54.85 2.79 6.56 144 Apr11 15.4 50.31 2.88 8.07
101 May11 38.8 54.39 2.80 6.63 147 May11 15.3 49.32 2.93 8.13
100 Jun11 38.8 50.42 2.89 6.57 148 Jun11 15.3 48.23 2.97 7.98
100 Jul11 38.7 49.00 2.96 6.63 147 Jul11 15.2 46.48 3.11 8.02
101 Aug11 38.6 47.56 3.06 6.70 147 Aug11 15.1 44.55 3.21 8.05
101 Sep11 38.7 44.38 3.26 6.80 148 Sep11 15.1 40.47 3.41 7.95
103 Oct11 38.5 48.80 3.02 6.96 144 Oct11 15.1 45.98 3.16 7.92
102 Nov11 38.6 49.74 2.97 7.24 145 Nov11 15.1 46.81 3.14 7.97
102 Dec11 38.7 49.98 2.94 7.24 146 Dec11 15.1 46.20 3.10 8.47
102 Jan12 38.8 51.39 2.89 7.09 152 Jan12 15.0 47.30 3.08 8.67
103 Feb12 38.8 52.58 2.86 7.12 161 Feb12 14.9 47.81 3.12 8.56
103 Mar12 38.9 53.35 2.83 6.89 166 Mar12 14.7 48.31 3.10 8.80
105 Apr12 38.7 53.88 2.86 7.21 165 Apr12 14.6 48.00 3.02 9.25
104 May12 38.9 51.79 2.99 7.27 166 May12 14.6 45.88 3.19 9.18
105 Jun12 38.8 53.04 2.97 7.12 172 Jun12 14.6 47.89 3.10 8.62
105 Jul12 38.7 53.20 2.95 7.33 174 Jul12 14.4 48.03 3.07 8.73
105 Aug12 38.8 53.24 2.95 7.42 176 Aug12 14.4 49.36 3.06 8.56
Quick Summary:
8/31/12 Champs Contdrs Challgrs Total
No. of Companies 105 176 190 471
Ave. No. of Years 38.8 14.4 7.2 17.0
Average Price 53.24 49.36 43.15 47.72
Average Yield 2.95 3.06 3.45 3.19
Ave. MR Increase 7.42 8.56 10.02 8.87
Ave. No. of Years 38.7 14.4 7.2 16.8
Average Price 53.20 48.03 43.92 47.48
Average Yield 2.95 3.07 3.49 3.22
Ave. MR Increase 7.33 8.73 10.06 8.97
Ave. No. of Years 38.7 15.1 7.2 17.0
Average Price 49.98 46.20 42.62 45.46
Average Yield 2.94 3.10 3.36 3.18
Ave. MR Increase 7.24 8.47 10.99 9.39
MR = Most Recent
Additions:
CAE Inc. (CAE) to Challengers
Deletions:
Astro-Med Inc. (ALOT) from Challengers
CNOOC Ltd. (CEO) from Challengers
Greif Inc. A (GEF) from Challengers
Koninklijke KPN N.V. (KKPNY) from Challengers
Promotions:
Atrion Corp. (ATRI) from Challenger to Contender
Ritchie Brothers Auctioneers Inc. (RBA) from Challenger to Contender
Number of Companies Average Price
200 60.00
180
50.00
160
140 40.00
120
100 30.00
80
20.00
60
40 10.00
20
0 0.00
DJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J A J F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J A
eaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuu aeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuu
c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l g nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l g
000000000000000000000000011111111111111111111111111111111 00000000000000000000000011111111111111111111111111111111
788888888888899999999999900000000000011111111111122222222 88888888888899999999999900000000000011111111111122222222
Champions Contenders Champions Contenders
Average % Increase Average Yield

6.00
12.00
10.00 5.00
8.00 4.00
6.00
3.00
4.00
2.00
2.00
1.00
0.00
DJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J A 0.00
eaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuu J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A
c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l g a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u
000000000000000000000000011111111111111111111111111111111 nb r r y n0gp0v c nb r r y n0gp0v c n b r r y n1gp1v c nb r r y n1gp1v c n b r r y n1g
000000800800 000000900900 1 11111011011 111111111111 1 1111121
788888888888899999999999900000000000011111111111122222222 888888 88 88 999999 99 99 0 00000 00 00 111111 11 11 2 22222 2

DJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J ASONDJ F MAMJ J A 0.00
eaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuuec oeaeapauuu J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A S ON D J F M AM J J A
c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l gp t v c nb r r y n l g a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u
000000000000000000000000011111111111111111111111111111111 nb r r y n0gp0v c nb r r y n0gp0v c n b r r y n1gp1v c nb r r y n1gp1v c n b r r y n1g
000000800800 000000900900 1 11111011011 111111111111 1 1111121
788888888888899999999999900000000000011111111111122222222 888888 88 88 999999 99 99 0 00000 00 00 111111 11 11 2 22222 2

Revisions
12/31/07 Price and Yield columns added
12/31/07 Default printing changed from Portrait to Landscape
1/2/08 Added horizontal lines every five companies to improve readability
1/2/08 Added Industry column and averages for yield and dividend increase percentage
1/4/08 Combined Source(s) into one column (PR=Press Release; WS=Web Site; IR=IR Response)
1/5/08 Sent e-mails to IR Depts. at all unconfirmed companies requesting confirmation/correction
1/14/08 Entered (IR) in Blue to indicate that no response was received.
2/13/08 Changed Date text to Green for companies expected to announce increase in next 30 days
2/13/08 Changed file name format to reflect specific date of update (yymmdd)
2/26/08 Added columns for DRIP fees on dividend reinvestment (DR) and/or stock purchase (SP)
2/28/08 Added Average Price and Comparison to Last Month at bottom
3/20/08 Deleted DRIP w/SPP column as unnecessary (Y/N implied by DRIP Fees columns)
9/30/08 Added Tab for Contenders - companies nearing eligibility
10/1/08 Added link to www.dripinvesting.org (Tools page) at top of heading
11/1/08 Added Web Links tab for companies' Yahoo! Summary page, IR Page, DRIP Prospectus
11/19/08 Completed population of Web Links tab
12/3/08 Added DRIP Fee Notations to Contenders tab
1/30/09 Highlighted in Red yields above 10%
2/15/09 Added Average Price and Comparison to Last Year at bottom
5/29/09 Added companies with 15-19 years to Contenders tab (with date of last increase)
6/24/09 Added Price, Annual Dividend, and Yield columns to Contenders tab
5/5/10 Added DivHistory tab; began population
5/21/10 Added subtitle to include U.S.-traded American Depository Receipts (ADRs)
5/27/10 Completed DivHistory population; inserted columns for 5- and 10-year % change
6/28/10 Changed 5- and 10-year % Change to Average % Change on DivHistory tab
6/28/10 Added Acceleration/Deceleration Ratio and Averages to DivHistory tab
7/6/10 Added Industry column to Contenders tab and populated
7/6/10 Duplicated Champions heading design to Contenders tab and added all other columns
7/12/10 Completed population of additional columns, formulas on Contenders tab
7/12/10 Added Summary/average line to Contenders tab
7/13/10 Added Summary/average lines for all prior months to Champions tab
7/19/10 Replaced 5- and 10-year Average Annual Dividend Increase with CAGR on DivHistory tab
7/23/10 Moved Contenders tab to left behind DivHistory tab
7/23/10 Moved Revisions tab to left behind Contenders tab
7/27/10 Added Challengers tab for streaks of up to 14 years
8/1/10 Began additional population of Challengers tab per online research
8/3/10 Renamed CAGR to DGR (Dividend Growth Rate) on DivHistory tab
8/6/10 Moved all companies with streaks of 10-14 years to Contenders tab and filled columns
8/11/10 Completed additional population of Challengers tab per online research
8/13/10 Added Contenders section to DivHistory tab and began population
8/23/10 Completed population of Contenders section of DivHistory tab; added summaries
8/27/10 Deleted Web Links tab due to limited usefulness; saved 30k per file
8/30/10 Replaced Source(s) column with Quarterly Schedule on Champions, Contenders tabs
8/30/10 Inserted Sequence column next to No./Years on Champions, Conteners, Challengers tabs
8/30/10 Updated Note tab for recent changes, additions
9/10/10 Added Changes tab for company-specific actions
9/15/10 Added Fundamental Data Section to Champions, Contenders; Inserted Formulas
9/18/10 Moved Champions, Contenders Summary stats to new tab to avoid printing overlap
9/20/10 Added Charts to Summary tab, arranged for printing
Revisions
10/25/10 Added Note column to Challengers tab
11/17/10 Added Industry column to Challengers tab and populated
11/18/10 Moved Dividend History to Champions and Contenders tabs; deleted DivHistory tab
11/18/10 Added DRIP Fees columns to Challengers tab and populated
11/18/10 Duplicated Champions heading design to Challengers tab and added all other columns
11/29/10 Completed population of additional columns, formulas on Challengers tab
11/30/10 Added Fundamental Data Section to Challengers; Inserted Formulas
11/30/10 Added Annual Dividend column to Fundamental Data sections, now used for Payout Ratio
12/7/10 Added 2010 column to Dividend History on Champions/Contenders tabs; began population
12/15/10 Completed population of 2010 dividend column on Champions/Contenders tabs
12/15/10 Changed 5- and 10-year DGRs to compare 2010 dividend to 2005 and 2000 dividends
12/16/10 Added Dividend History to Challengers tab; began population
12/29/10 Completed population of Challengers' Dividend History and calculations
12/30/10 Added 1- and 3-year DGR (Dividend Growth Rate) to all Dividend History sections
12/30/10 Added Average % Change vs. Prior Year to bottom of each Dividend History
12/30/10 Removed Update Date from main headings; Date at top of Price column coincides with posting
12/30/10 Added Fiscal Year Ending month column to Fundamental Data sections and populated
12/31/10 Added Appendix to Notes tab listing companies with 4-year streaks
12/31/10 Revised Market Cap format in Fundamental Data sections and added average
1/19/11 Added Annualized Rate (@) to Notes columns, filled in ADR countries
2/9/11 Added detail to Industry columns, esp. MLPs, REITs, Retail, Technology
2/28/11 Added combined Champions/Contenders averages to Contenders tab
2/28/11 Added combined Contenders/Challengers averages to Challengers tab
2/28/11 Added combined Champions/Contenders/Challengers averages to Challengers tab
3/16/11 Added Multiple Increases This Year (&) to Notes columns
4/25/11 Inserted Fundamental Data column for Premium/Discount to Graham Number
4/26/11 Added column explanations to Notes tab
5/27/11 Changed Yield calculation to use Annual Dividend (from New Rate)
7/2/11 Added columns for Percentage Increase by Year (excludes decreases, division by zero)
7/3/11 Added columns for Mean (simple average) and Standard Deviation
7/28/11 Inserted column for Estimated 5-year Annual EPS Growth to Fundamental Data sectio
7/28/11 Added Quick Summary (page 2 of 3) to Summary tab
7/29/11 Expanded notations on Deletions section of Changes tab
7/29/11 Expanded range of green dates to 1-2 months ahead (by ex-dividend date), including Appendix
8/1/11 Inserted column for Number of Analysts to Fundamental Data section
8/31/11 Revised columns AG-AJ to show % current price vs. 52-week High/Low and 50, 200-day MMA
9/19/11 Added Count and Average lines to deletion table on Changes tab
9/20/11 Added Tweed Factor column to Champions, Contenders, and Challengers tabs
9/26/11 Added descriptions of Mean, Standard Deviation, and Tweed Factor to Notes tab
10/20/11 Added Appendix B to Notes tab listing "Frozen Angels"
12/7/11 Added Confidence Factor and new Appendix A to Notes with Scoring System
12/7/11 Changed Appendix A and B to B and C, respectively
12/15/11 Added columns for 2011 Dividends Paid and 2011 vs. 2010 Percent Change
12/15/11 Reset Dividend Growth Rate columns to use 2011 instead of 2010
12/15/11 Modified Mean (Simple Average) and Standard Deviation to include 2011 Change
12/21/11 Completed population of 2011 Dividends Paid column
12/26/11 Added Dividend Growth Model columns and inserted description on Notes tab
12/28/11 Adjusted column widths and formatting for printing purposes
3/12/12 Set up portfolios on FinViz to replace data from Yahoo Finance
Revisions
3/13/12 Changed notation in cells X1 to indicate that data is from FinViz.com
3/14/12 Set up portfolio on Google for (12) companies not recognized by FinViz
3/17/12 Changed Estimated Next Year and Next 5 Year % Change from formulas to values
3/17/12 Changed This Year Est EPS from $ amount to percentage and 2 decimals to 1
3/17/12 Deleted Next Year Est EPS amount column; Inserted Beta column
3/20/12 Color-coded data cells from FinViz (Blue) and Google (Brown)
3/22/12 Adjusted Confidence Factor formula for This Year Est EPS % (from $ amount/TTM EPS)
3/24/12 Updated Notes for changes to EPS estimated growth columns
4/29/12 Changed note for alternate source from Google to Yahoo
7/18/12 Color-coded subsequent increases in Deletion table on Changes tab
8/17/12 Modified Column Headings and Created Range-Names for easier sorting
Notes
This listing was inspired by the efforts of several individuals and is intended to be freely distributed for individual, non-commercial
use. The initial goal was to identify companies that had increased their dividend in at least 25 consecutive years. But that
definition was broadened to include additional companies that had paid higher dividends (without necessarily having
increased the quarterly rate in every calendar year. Also included (under the Contenders tab) are companies that have increased
their dividend for 10-24 straight years and (under the Challengers tab) companies that have increased their dividend for 5-9
straight years. Unless it is clear that a streak is shorter, the number of years shown will coincide with statement(s) by the
company itself, hence the "(Per Company)" sub-title is included. Some notable sub-groups include:
"The Alternators" are companies that appear to follow a pattern of increasing their dividend only in alternating years, but
do so in mid-year, so that the total paid (per share) is higher every year. An example follows:
Q1 Div Q2 Div Q3 Div Q4 Div Total
Year 1 0.10 0.10 0.10 0.10 0.40
Year 2 0.10 0.10 0.11 0.11 0.42
Year 3 0.11 0.11 0.11 0.11 0.44
Year4 0.11 0.11 0.12 0.12 0.46
Year 5 0.12 0.12 0.12 0.12 0.48
As you can see, the dividend was increased only in years 2 and 4, but the company paid higher TOTAL dividends each year. To
highlight these companies, the dates are indicated in Red (and right-aligned to stand out when printing.)
"The Penny-Pinchers" are companies that typically increase their quarterly payout by a fraction of a penny, often as little as one-
quarter cent, or one cent per share on an annual basis. Generally, these are utilities with impressive streaks. But since profits
are limited by regulators, they may not declare substantial dividend increases. Although they typically offer relatively high yields,
dividend and share price growth may be limited. Percentage increases of 2% or less are highlighted in Red.
"The Foreigners" are companies that have dividend growth streaks, in U.S. dollar terms, and trade on a U.S. Exchange
as ADRs (American Depository Receipts).
Data Sources/Discrepancies
As mentioned above, the dividend streaks are generally specified by the companies themselves. In some cases, however, there
were differences between the length of the streak shown by outside sources and what was stated in company literature. Usually,
the company's claim is shown, when it appears reasonable. For example, one source showed that Vectren had increased its
dividend for 31 straight years, but the company stated that its latest increase marked "the 48th consecutive year that Vectren and
its predecessor companies have increased annual dividends paid." In addition to not taking into account records of predecessor
companies, some sources appear to curtail streaks because of a lack of clear data as much as 25 years ago. Other issues:
Rounding errors can make it appear that a company did not raise its dividend, especially in the distant past. For example,
an adjusted payout of .012275, increased to .012325, could appear unchanged if both were rounded to .0123 by the data provider.
Splits/Stock Dividends may not always result in accurate adjustment of prior dividends. This is especially true if the split were
at a ratio of 6-for-5 or higher, or if a stock dividend of 5% or less was paid. In some cases, a firm states that it is "maintaining"
a dividend rate following a stock dividend, but that, in fact, is an increase. So, for example, a company may start the year paying a
rate of 10¢/share and finish the year by paying 10¢/share, but a 5% stock dividend adjusts the first figure to 9.6¢/share.
Special Dividends might cause some sources to drop a company from a listing such as this one. For example, if a firm
actually increases its annual dividend from 30¢ to 40¢ per share, but paid a special (or "extra") dividend of $1 in the first year, then
it could appear that it had reduced its payout from $1.30 to 40¢ per share, thus ending its streak. However, I don't think that such a
company should be penalized for making an extra payout, so these special dividends are generally factored out for this listing.
Column Headings
No. Yrs represents the number of consecutive years of higher dividends. An adjacent column orders all listed
companies in sequence, from longest (#1) to shortest streak, running from Champions to Contenders to Challengers.
DRIP Fees indicates whether a company offers a Dividend Reinvestment Plan (DRIP) that also allows enrollees
to invest additional cash on a voluntary, periodic basis. The vast majority of these companies offer these plans, also known as
Direct Investment Plans, but many have recently added fees, so potential participants should carefully check the features before
enrolling. Complete information about all available DRIPs can be found at www.directinvesting.com.
Disclosure: As shown below, I am employed by The Moneypaper Inc., which operates that web site and is affiliated with Temper
Enrollment Service, which facilitates DRIP enrollment. This is not meant as a sales pitch!
Dividend Information is the information associated with the most recent increase, not necessarily the most recent dividend.
Most recent increase dates older than one year are highlighted in Red.
Most recent Increases expected to be replaced in next 1-2 months are highlighted in Green.
Quarterly Schedule shows estimated Pay Dates, where A=Jan/Apr/Jul/Oct, B=Feb/May/Aug/Nov, C=Mar/Jun/Sep/Dec.
Annual Dividend projects the "new" (current) rate to a full-year amount
Payout % Ratio calculates the annual dividend as a percentage of trailing twelve months earnings per share
+/-% vs. Graham calculates the premium or discount that the current price represents, compared with the "Graham
number," which is an estimation of "fair value" or what Benjamin Graham said would be the most an investor should pay for a
share of the company's stock. Since he believed that a reasonable price/earnings ratio was 15 and a reasonable price/book
value ratio would be 1.5, the formula for the "Graham number" is the square root of (22.5 times the earnings per share times the
book value per share). Book value per share is derived by dividing the Price/Book Value ratio in column Z into the current price
in column H. The actual Graham number is not shown, but is divided into the current price in order to produce a premium or
discount percentage, compared with the Graham number.
TTM P/E shows the price/earnings ratio using trailing twelve months earnings divided into current price
TTM EPS shows earnings per share for the most recently reported trailing twelve months
PEG Ratio shows the price/earnings ratio divided by 5-year estimates growth rate
TTM P/Sales shows the price divided by the trailing twelve months' sales
MRQ P/Book shows the price divided by the most recent quarter's book value per share
TY% Growth shows the percentage change of this year's earnings estimate compared with last year's EPS
NY% Growth shows the percentage change of next year's earnings estimate compared with this year's estimate
Est 5-yr Growth shows the estimated annual EPS Growth for the next five years
NA shows the Number of Analysts covering the company
MktCap ($Mil) shows the market value in millions of dollars of all outstanding shares at the current price
Beta compares a stock's volatility with that of the overall market (S&P 500=1.00)
% from 52-week low/high these columns show the percentage that the current price varies from the 52-week range of the stock
% from 50-, 200-day MMA these columns show the percentage the current price varies from the 50- and 200-day Moving Average
5/10 A/D is a calculation of the acceleration or deceleration of the 5-year vs. the 10-year DGR
DGR (or Dividend Growth Rate) is the compound annual growth rate of the dividend for the periods shown
Mean (simple average) is the "modified" average of the individual year's increases over the prior year. The averages include
some companies whose average has been "modified" to exclude divisions by zero or negative actions (reductions) since those
calculations would pre-date the companies' current streaks of increases.
Standard Deviation expresses the degree by which the individual year's increases vary from the Mean, or simple average,
showing how erratic (high number) or "smooth" (low number) that the annual increases have been.
Tweed Factor Named after "Seeking Alpha" author Norman Tweed, this is a "quick-and-dirty" method of comparing
the combination of a stock's dividend yield and dividend growth rate (DGR) to its price/earnings ratio. Although this is somewhat
of an "apples-to-oranges" comparison, it builds in a margin of safety when determining a stock's fair value. The Tweed Factor is
part of the "Tweed Model," which also requires (per Mr. Tweed) a 4% yield and a "reasonable" payout ratio. (See Payout % Ratio
above.) Other investors may set a lower yield threshold than 4%, often in conjunction with age and years remaining to invest. The
more positive the Tweed Factor is, the better, as it expresses the excess of the dividend data over price level.
Confidence Factor (See Appendix A below)
Dividend Growth Model (Next Five Years) Dividends based on growth from latest completed year of dividends paid, using Next
Year and 5-year Earnings Per Share Estimates. (If either is "n/a," then a 3% dividend growth rate is used; if either is negative, then
a 1% dividend growth rate is used; if either is greater than 10%, then a 10% dividend growth rate is used. The total estimated
dividends per share for the next five years is also shown, and that total is translated into a percentage "payback," based on the
current share price. Disclaimer: Past Performance is No Guarantee of Future Results.
Acknowledements/Updates
I'd like to thank Motley Fool poster Bruce Doe, whose listing was the starting point for this compilation. Also, thanks to Moneypaper
reader Jacob Geller, who brought attention to RPM International's claim to be one of 70 companies to have increased its
dividend for at least 34 straight years. Many thanks to Publisher Vita Nelson, who has made Moneypaper's DRIP database info
available to the general public. Also, thanks to "Seeking Alpha" Contributors Dividends4Life, Dividend Growth Investor, David Van
Knapp, Robert Allan Schwartz, Norman Tweed, Chuck Carnevale, Five Plus Investor, David Crosetti, and others (a growing list!)
for their valuable info and assistance. And finally, thanks to George L. Smyth for running the non-profit message boards at
www.dripinvesting.org, where I hope to post this spreadsheet and a related PDF file (for those who can't use the spreadsheet).
Hopefully, it can continue to be updated on a monthly basis there. Please post comments/questions on its U.S. DRIPs board or
add a Comment to one of my articles on the Seeking Alpha website: http://seekingalpha.com/author/david-fish/articles
Historical Data Available
Previous copies of the Dividend Champions spreadsheets have been made available for downloading, thanks to Seeking Alpha
author Robert Allan Schwartz at the following Internet address (URL): http://www.tessellation.com/david_fish/
David Fish Exec. Editor, The Moneypaper, The Moneypaper Guide to Direct Investment Plans
Co-manager, The MP 63 Fund (symbol: DRIPX)
©2007-2012 All Rights Reserved. This listing is intended for personal, non-commercial use only.
Appendix A - Confidence Factor Scoring System
Listed below are items used to gauge confidence in continuation of dividend-increase streaks, with formulas and point ranges.
Item General Formula Min Max
Number of Years Dividend Increased Divided by 10 0.50 5.80
Sequence Number within CCC companies (500 minus Seq) divided by 100 0.50 4.99
Dividend Reinvestment Plan No-fee=2 points; Fees=1; No plan=0 0.00 2.00
Stock Purchase Plan No-fee=2 points; Fees=1; No plan=0 0.00 2.00
Most Recent Increase (percentage) Increase divided by 2, up to 5 points 0.00 5.00
Payout Ratio (if not over 100% or negative) (100 minus payout ratio) divided by 10 0.00 10.00
Price/Earnings Ratio (if not over 100% or negative) (100 minus payout ratio) divided by 10 0.00 10.00
PEG (P/E divided by Growth Rate) Ratio (if numerical) 5 minus PEG (up to 5) 0.00 5.00
Price/Sales Ratio 5 minus P/S (up to 5) 0.00 5.00
Price/Book Value (if numerical) 5 minus P/B (up to 5) 0.00 5.00
This Year EPS Est Percentage Increase vs. TTM EPS Up to 10% Increase divided by 2 0.00 5.00
Next Year EPS Est Percentage Increase vs. TY EPS Est Up to 10% Increase divided by 2 0.00 5.00
Est 5-year EPS Percentage Increase Up to 10% Increase divided by 2 0.00 5.00
Number of Analysts Number Divided by 10 0.00 4.90
Market Capitalization Points for one, ten, one hundred billion 0.00 3.00
Dividend Growth Rate 1-year Up to 10% Increase divided by 2 0.00 5.00
Dividend Growth Rate 3-year (if numeric) Up to 10% Increase divided by 2 0.00 5.00
Mean (Simple Average) Up to 10% Increase divided by 2 0.00 5.00
Total Point Range: 1.00 102.69

Appendix B - Near-Challengers
Listed below are companies that have increased their dividends for four years and may join the Challengers listing
in the next 12 months, with the Ex-Dividend Date of their most recent increase:
Dates in Green (centered) indicate increase (by Ex-Div. Date) expected in next 1-2 months
Company Symbol Ex-Div Note
ASML Holding N.V. ASML 4/30/12
BCE Inc. BCE 3/13/12 Canadian
Beacon Federal Bancorp Inc. BFED 12/9/11
BGC Partners Inc. BGCP 5/12/11
Cablevision Systems Corp. CVC 8/17/11 Date Adj for 6/30/11 spin-off
Cenovus Energy Inc. CVE 3/13/12 Canadian
Chemed Corp. CHE 8/9/12
China Petroleum & Chemical Corp. SNP 9/5/12 Semi-Annual
Coach Inc. COH 5/31/12
Colony Financial Inc. CLNY 6/27/12 Record Date Streak
Duff & Phelps Corp. DUF 3/2/12
Fred's Inc. FRED 2/28/12
Harmony Gold Mining Co. Ltd. HMY 9/12/12
HickoryTech Corp. HTCO 11/11/11
Maiden Holdings Limited MHLD 9/29/11
MarketAxess Holdings Inc. MKTX 3/1/12
McKesson Corp. MCK 6/8/11
Mead Johnson Nutrion Co. MJN 3/14/12
Molson Coors Brewing Co. B TAP 6/2/11 Also Class A
Northfield Bancorp Inc. NFBK 5/9/11
OPNET Technologies Inc. OPNT 6/12/12
Oritani Financial Corp. ORIT 5/2/12
PetMed Express Inc. PETS 2/8/12
Petsmart Inc. PETM 7/25/12
Philip Morris International PM 9/23/11
Principal Financial Group Inc. PFG 3/8/12
R.G. Barry Corp. DFZ 2/15/12
Reinsurance Group of America Inc. RGA 8/8/12
Reliance Steel & Aluminum Co. RS 2/29/12
Scripps Networks Interactive Inc. SNI 2/27/12
Silvercorp Metals Inc. SVM 12/28/11 2012 Pmt=4 years
Solera Holdings Inc. SLH 9/4/12
Stewart Enterprises Inc. STEI 4/10/12
Sturm Ruger & Company RGR 3/7/12
Techne Corp. TECH 11/3/11
TESSCO Technologies Inc. TESS 5/7/12
United Guardian Inc. UG 5/31/12 Semi-Annual
Unum Group UNM 7/26/12
Western Union Company WU 3/14/12
Appendix C - "Frozen Angels"
Listed below are companies that had increased their dividends for a number of years before paying the same amount
in back-to-back years (a dividend "freeze"), but have since resumed increases.
Increases in: Date Subsequent
Company Symbol Yrs Yrs Deleted Increases
Albany International Corp. AIN 9 out of last 10 9/10/10 2011
Allete Inc. ALE 10 out of last 11 10/20/10 2011, 2012
Apogee Enterprises Inc. APOG 9 out of last 11 10/6/10 2012
Arthur J. Gallagher AJG 25 out of last 26 7/23/10 2011, 2012
Block (H&R) Inc. HRB 13 out of last 15 9/10/10 2012
Boeing Company BA 7 out of last 9 10/25/10 2012
Chesapeake Energy Corp. CHK 8 out of last 9 9/10/10 2011
City Holding Co. CHCO 8 out of last 10 10/7/10 2012
Danaher Corp. DHR 17 out of last 18 9/29/09 2010, 2011
Dentsply International Inc. XRAY 8 out of last 10 9/10/10 2012
First Financial Bankshares FFIN 25 out of last 26 9/10/10 2011, 2012
Foot Locker Inc. FL 6 out of last 7 9/10/10 2011, 2012
GATX Corp. GMT 7 out of last 8 10/22/10 2011, 2012
Gentex Corp. GNTX 7 out of last 8 9/10/10 2011
Harleysville Savings HARL 23 out of last 24 10/19/11 2012
Hershey Company HSY 36 out of last 37 10/19/09 2010, 2011, 2012
HNI Corp. HNI 21 out of last 22 11/18/09 2011, 2012
HollyFrontier Corp. HFC 18 out of last 19 9/10/10 2011, 2012
Honeywell International HON 6 out of last 7 10/29/10 2011
Independent Bank Corp. MA INDB 9 out of last 10 9/16/10 2011, 2012
Ingredion Inc. * INGR 6 out of last 7 9/15/10 2011, 2012
Johnson Controls JCI 35 out of last 36 9/29/09 2010, 2011
MarkWest Energy Partners LP MWE 9 out of last 10 10/27/10 2011, 2012
Martin Midstream Partners LP MMLP 7 out of last 8 10/26/10 2011
Methanex Corp. MEOH 8 out of last 9 11/24/10 2011
Myers Industries MYE 33 out of last 34 9/29/09 2010, 2011, 2012
NB&T Financial Group Inc. NBTF 10 out of last 11 9/21/10 2011
Noble Energy Inc. NBL 7 out of last 8 10/26/10 2011
Old National Bancorp ONB 27 out of last 30 4/27/09 2012
Paychex Inc. PAYX 21 out of last 22 10/13/10 2011
Penn Virginia Resource Partners LP PVR 9 out of last 10 10/27/10 2011, 2012
Peoples Bancorp OH PEBO 44 out of last 47 8/29/09 2012
Pool Corp. POOL 7 out of last 8 11/4/10 2011, 2012
Public Service Enterprise Group PEG 8 out of last 9 11/15/11 2012
QNB Corp. QNBC 16 out of last 17 11/23/10 2011, 2012
Rockwell Collins Inc. COL 6 out of last 8 10/25/10 2012
Royal Dutch Shell plc A RDS-A 6 out of last 7 10/28/11 2012
Royal Dutch Shell plc B RDS-B 6 out of last 7 10/28/11 2012
S.Y. Bancorp SYBT 14 out of last 15 9/10/10 2011, 2012
Trinity Industries Inc. TRN 6 out of last 7 9/10/10 2011
Washington Trust Bancorp WASH 17 out of last 18 9/17/10 2011, 2012
Willis Group Holdings plc WSH 7 out of last 9 9/10/10 2012
Wolverine World Wide WWW 16 out of last 17 9/10/10 2011
* Formerly Corn Products International (CPO)

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U.S. Dividend Champions End-of-month update at: http://dripinvesting.org/Tools/Tools.

Averages for 281 Champions/Contenders 23.6 50.81 3.02 8.17

Averages for 281 15.8

Averages for 366 Contenders/Challengers 10.7 46.13 3.26 9.26

Averages for 471 Champions,Contenders 17.0 47.72 3.19 8.87

Averages for 366 16.8

Averages for 471 16.5

Additions and other company-specific changes

Champions Contenders Champions Contenders

Average % Increase Average Yield

Champions Contenders Champions Contenders

Champions Contenders Champions Contenders

Total Point Range: 1.00 102.69

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