AMERICAN EXPRESS CO 10-Q form for quarterly period ended 2024-06-30, page 2: 
Table 1: Summary of Financial Performance
|    |                                                                          |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
|---:|:-------------------------------------------------------------------------|:--------------------------------------------|:-------|:--------------------|:-----|:------------------------------------------|:-------|:--------------------|:------|:------|:-------|:--------|:-------|:--------|:-------|:-------|:-------|:-------|:-------|:---|:------|:---|:------|:---|:---|:---|:---|
|  1 |                                                                          | As of or for the Three Months EndedJune 30, |        | Change2024 vs. 2023 |      | As of or for the Six Months EndedJune 30, |        | Change2024 vs. 2023 |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
|  2 | (Millions, except percentages, per share amounts and where indicated)    | 2024                                        |        | 2023                |      |                                           | 2024   |                     | 2023  |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
|  3 | Selected Income Statement Data                                           |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
|  4 | Total revenues net of interest expense                                   | $                                           | 16,333 |                     | $    | 15,054                                    |        | $                   | 1,279 |       | 8      | %       |        | $       | 32,134 |        | $      | 29,335 |        | $  | 2,799 |    |       | 10 | %  |    |    |
|  5 | Provisions for credit losses                                             | 1,268                                       |        | 1,198               |      | 70                                        |        |                     | 6     |       | 2,537  |         | 2,253  |         | 284    |        |        | 13     |        |    |       |    |       |    |    |    |    |
|  6 | Total expenses                                                           | 11,275                                      |        | 11,122              |      | 153                                       |        |                     | 1     |       | 22,662 |         | 22,181 |         | 481    |        |        | 2      |        |    |       |    |       |    |    |    |    |
|  7 | Pretax income                                                            | 3,790                                       |        | 2,734               |      | 1,056                                     |        |                     | 39    |       | 6,935  |         | 4,901  |         | 2,034  |        |        | 42     |        |    |       |    |       |    |    |    |    |
|  8 | Income tax provision                                                     | 775                                         |        | 560                 |      | 215                                       |        |                     | 38    |       | 1,483  |         | 911    |         | 572    |        |        | 63     |        |    |       |    |       |    |    |    |    |
|  9 | Net income                                                               | 3,015                                       |        | 2,174               |      | 841                                       |        |                     | 39    |       | 5,452  |         | 3,990  |         | 1,462  |        |        | 37     |        |    |       |    |       |    |    |    |    |
| 10 | Earnings per common share - diluted (a)                                  | $                                           | 4.15   |                     | $    | 2.89                                      |        | $                   | 1.26  |       | 44     | %       |        | $       | 7.48   |        | $      | 5.29   |        | $  | 2.19  |    |       | 41 | %  |    |    |
| 12 | Selected Balance Sheet Data                                              |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
| 13 | Cash and cash equivalents                                                | $                                           | 52,895 |                     | $    | 42,958                                    |        |                     | $     | 9,937 |        | 23      | %      |         | $      | 52,895 |        | $      | 42,958 |    |       | $  | 9,937 |    |    | 23 | %  |
| 14 | Card Member receivables                                                  | 59,656                                      |        | 58,221              |      |                                           | 1,435  |                     |       | 2     |        | 59,656  |        | 58,221  |        |        | 1,435  |        |        | 2  |       |    |       |    |    |    |    |
| 15 | Card Member loans                                                        | 130,851                                     |        | 114,602             |      |                                           | 16,249 |                     |       | 14    |        | 130,851 |        | 114,602 |        |        | 16,249 |        |        | 14 |       |    |       |    |    |    |    |
| 16 | Customer deposits                                                        | 133,746                                     |        | 122,756             |      |                                           | 10,990 |                     |       | 9     |        | 133,746 |        | 122,756 |        |        | 10,990 |        |        | 9  |       |    |       |    |    |    |    |
| 17 | Long-term debt                                                           | $                                           | 51,521 |                     | $    | 46,725                                    |        |                     | $     | 4,796 |        | 10      | %      |         | $      | 51,521 |        | $      | 46,725 |    |       | $  | 4,796 |    |    | 10 | %  |
| 19 | Common Share Statistics (b)                                              |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
| 20 | Cash dividends declared per common share                                 | $                                           | 0.70   |                     | $    | 0.60                                      |        | $                   | 0.10  |       | 17     | %       |        | $       | 1.40   |        | $      | 1.20   |        | $  | 0.20  |    |       | 17 | %  |    |    |
| 21 | Average common shares outstanding:                                       |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
| 22 | Basic                                                                    | 716                                         |        | 740                 |      | (24)                                      |        |                     | (3)   | %     | 718    |         | 741    |         | (23)   |        |        | (3)    | %      |    |       |    |       |    |    |    |    |
| 23 | Diluted                                                                  | 717                                         |        | 741                 |      | (24)                                      |        |                     | (3)   | %     | 719    |         | 742    |         | (23)   |        |        | (3)    | %      |    |       |    |       |    |    |    |    |
| 25 | Selected Metrics and Ratios                                              |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
| 26 | Network volumes (Billions)                                               | $                                           | 440.6  |                     | $    | 426.6                                     |        | $                   | 14    |       | 3      | %       |        | $       | 859.8  |        | $      | 825.5  |        | $  | 34    |    |       | 4  | %  |    |    |
| 27 | Billed business (Billions)                                               | $                                           | 388.2  |                     | $    | 368.1                                     |        | $                   | 20    |       | 5      | %       |        | $       | 755.2  |        | $      | 713.6  |        | $  | 42    |    |       | 6  | %  |    |    |
| 28 | Card Member loans and receivables                                        |                                             |        |                     |      |                                           |        |                     |       |       |        |         |        |         |        |        |        |        |        |    |       |    |       |    |    |    |    |
| 29 | Net write-off rate - principal, interest and fees (c)                    | 2.4                                         | %      |                     | 2.0  | %                                         |        |                     |       |       | 2.4    | %       |        | 1.9     | %      |        |        |        |        |    |       |    |       |    |    |    |    |
| 30 | Net write-off rate - principal only - consumer and small business (c)(d) | 2.1                                         | %      |                     | 1.8  | %                                         |        |                     |       |       | 2.1    | %       |        | 1.7     | %      |        |        |        |        |    |       |    |       |    |    |    |    |
| 31 | 30+ days past due as a % of total - consumer and small business (e)      | 1.2                                         | %      |                     | 1.2  | %                                         |        |                     |       |       | 1.2    | %       |        | 1.2     | %      |        |        |        |        |    |       |    |       |    |    |    |    |
| 32 | Effective tax rate                                                       | 20.4                                        | %      |                     | 20.5 | %                                         |        |                     |       |       | 21.4   | %       |        | 18.6    | %      |        |        |        |        |    |       |    |       |    |    |    |    |
| 33 | Return on average equity (f)                                             | 41.4                                        | %      |                     | 33.0 | %                                         |        |                     |       |       | 37.9   | %       |        | 30.9    | %      |        |        |        |        |    |       |    |       |    |    |    |    |
| 34 | Common Equity Tier 1                                                     | 10.8                                        | %      |                     | 10.6 | %                                         |        |                     |       |       | 10.8   | %       |        | 10.6    | %      |        |        |        |        |    |       |    |       |    |    |    |    |
(a)Represents net income, less (i) earnings allocated to participating share awards of $23 million and $17 million for the three months ended June 30, 2024 and 2023, respectively, and $41 million and $31 million for the six months ended June 30, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2024 and 2023, and $29 million for both the six months ended June 30, 2024 and 2023.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(d)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(f)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders' equity for the period.
2




, AMERICAN EXPRESS CO 10-Q form for quarterly period ended 2024-06-30, page 38: 
ITEM 1. FINANCIAL STATEMENTS


AMERICAN EXPRESS COMPANY


CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)|    |                                                                           |        |       |      |        |    |       |
|---:|:--------------------------------------------------------------------------|:-------|:------|:-----|:-------|:---|:------|
|  1 | Three Months Ended June 30 (Millions, except per share amounts)           | 2024   |       | 2023 |        |    |       |
|  2 | Revenues                                                                  |        |       |      |        |    |       |
|  3 | Non-interest revenues                                                     |        |       |      |        |    |       |
|  4 | Discount revenue                                                          | $      | 8,855 |      |        | $  | 8,481 |
|  5 | Net card fees                                                             | 2,060  |       |      | 1,789  |    |       |
|  6 | Service fees and other revenue                                            | 1,280  |       |      | 1,232  |    |       |
|  7 | Processed revenue                                                         | 408    |       |      | 447    |    |       |
|  8 | Total non-interest revenues                                               | 12,603 |       |      | 11,949 |    |       |
|  9 | Interest income                                                           |        |       |      |        |    |       |
| 10 | Interest on loans                                                         | 5,092  |       |      | 4,213  |    |       |
| 11 | Interest and dividends on investment securities                           | 25     |       |      | 34     |    |       |
| 12 | Deposits with banks and other                                             | 677    |       |      | 528    |    |       |
| 13 | Total interest income                                                     | 5,794  |       |      | 4,775  |    |       |
| 14 | Interest expense                                                          |        |       |      |        |    |       |
| 15 | Deposits                                                                  | 1,425  |       |      | 1,196  |    |       |
| 16 | Long-term debt and other                                                  | 639    |       |      | 474    |    |       |
| 17 | Total interest expense                                                    | 2,064  |       |      | 1,670  |    |       |
| 18 | Net interest income                                                       | 3,730  |       |      | 3,105  |    |       |
| 19 | Total revenues net of interest expense                                    | 16,333 |       |      | 15,054 |    |       |
| 20 | Provisions for credit losses                                              |        |       |      |        |    |       |
| 21 | Card Member receivables                                                   | 226    |       |      | 230    |    |       |
| 22 | Card Member loans                                                         | 970    |       |      | 923    |    |       |
| 23 | Other                                                                     | 72     |       |      | 45     |    |       |
| 24 | Total provisions for credit losses                                        | 1,268  |       |      | 1,198  |    |       |
| 25 | Total revenues net of interest expense after provisions for credit losses | 15,065 |       |      | 13,856 |    |       |
| 26 | Expenses                                                                  |        |       |      |        |    |       |
| 27 | Card Member rewards                                                       | 4,227  |       |      | 3,956  |    |       |
| 28 | Business development                                                      | 1,427  |       |      | 1,388  |    |       |
| 29 | Card Member services                                                      | 1,154  |       |      | 949    |    |       |
| 30 | Marketing                                                                 | 1,480  |       |      | 1,408  |    |       |
| 31 | Salaries and employee benefits                                            | 1,949  |       |      | 1,875  |    |       |
| 32 | Other, net                                                                | 1,038  |       |      | 1,546  |    |       |
| 33 | Total expenses                                                            | 11,275 |       |      | 11,122 |    |       |
| 34 | Pretax income                                                             | 3,790  |       |      | 2,734  |    |       |
| 35 | Income tax provision                                                      | 775    |       |      | 560    |    |       |
| 36 | Net income                                                                | $      | 3,015 |      |        | $  | 2,174 |
| 37 | Earnings per Common Share (Note 14)(a)                                    |        |       |      |        |    |       |
| 38 | Basic                                                                     | $      | 4.16  |      |        | $  | 2.89  |
| 39 | Diluted                                                                   | $      | 4.15  |      |        | $  | 2.89  |
| 40 | Average common shares outstanding for earnings per common share:          |        |       |      |        |    |       |
| 41 | Basic                                                                     |        |       |      | 740    |    |       |
| 42 | Diluted                                                                   |        |       |      | 741    |    |       |
(a)Represents net income less (i) earnings allocated to participating share awards of $23 million and $17 million for the three months ended June 30, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2024 and 2023.

See Notes to Consolidated Financial Statements.

38




, Discover Financial Services 10-Q form for quarterly period ended 2024-06-30, page 3: 
DISCOVER FINANCIAL SERVICES


Condensed Consolidated Statements of Income (unaudited)

(dollars in millions, except for share amounts)
|    |                                                       |                                     |       |                                   |       |      |       |       |    |       |    |       |
|---:|:------------------------------------------------------|:------------------------------------|:------|:----------------------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
|  1 |                                                       | For the Three Months Ended June 30, |       | For the Six Months Ended June 30, |       |      |       |       |    |       |    |       |
|  2 |                                                       | 2024                                |       | 2023                              |       | 2024 |       | 2023  |    |       |    |       |
|  3 | Interest income                                       |                                     |       |                                   |       |      |       |       |    |       |    |       |
|  4 | Credit card loans                                     | $                                   | 3,959 |                                   |       | $    | 3,466 |       | $  | 7,897 | $  | 6,787 |
|  5 | Other loans, including loans held-for-sale            | 729                                 |       |                                   | 606   |      |       | 1,441 |    | 1,170 |    |       |
|  6 | Investment securities                                 | 125                                 |       |                                   | 106   |      |       | 249   |    | 207   |    |       |
|  7 | Other interest income                                 | 158                                 |       |                                   | 112   |      |       | 332   |    | 203   |    |       |
|  8 | Total interest income                                 | 4,971                               |       |                                   | 4,290 |      |       | 9,919 |    | 8,367 |    |       |
|  9 | Interest expense                                      |                                     |       |                                   |       |      |       |       |    |       |    |       |
| 10 | Deposits                                              | 1,199                               |       |                                   | 905   |      |       | 2,409 |    | 1,661 |    |       |
| 11 | Short-term borrowings                                 | -                                   |       |                                   | -     |      |       | 6     |    | -     |    |       |
| 12 | Long-term borrowings                                  | 248                                 |       |                                   | 208   |      |       | 493   |    | 397   |    |       |
| 13 | Total interest expense                                | 1,447                               |       |                                   | 1,113 |      |       | 2,908 |    | 2,058 |    |       |
| 14 | Net interest income                                   | 3,524                               |       |                                   | 3,177 |      |       | 7,011 |    | 6,309 |    |       |
| 15 | Provision for credit losses                           | 739                                 |       |                                   | 1,305 |      |       | 2,236 |    | 2,407 |    |       |
| 16 | Net interest income after provision for credit losses | 2,785                               |       |                                   | 1,872 |      |       | 4,775 |    | 3,902 |    |       |
| 17 | Other income                                          |                                     |       |                                   |       |      |       |       |    |       |    |       |
| 18 | Discount and interchange revenue, net                 | 437                                 |       |                                   | 370   |      |       | 808   |    | 700   |    |       |
| 19 | Protection products revenue                           | 42                                  |       |                                   | 44    |      |       | 84    |    | 87    |    |       |
| 20 | Loan fee income                                       | 205                                 |       |                                   | 186   |      |       | 405   |    | 352   |    |       |
| 21 | Transaction processing revenue                        | 91                                  |       |                                   | 72    |      |       | 178   |    | 139   |    |       |
| 22 | Gains (losses) on equity investments                  | -                                   |       |                                   | 1     |      |       | -     |    | (17)  |    |       |
| 23 | Other income                                          | 239                                 |       |                                   | 28    |      |       | 262   |    | 50    |    |       |
| 24 | Total other income                                    | 1,014                               |       |                                   | 701   |      |       | 1,737 |    | 1,311 |    |       |
| 25 | Other expense                                         |                                     |       |                                   |       |      |       |       |    |       |    |       |
| 26 | Employee compensation and benefits                    | 658                                 |       |                                   | 588   |      |       | 1,329 |    | 1,213 |    |       |
| 27 | Marketing and business development                    | 258                                 |       |                                   | 268   |      |       | 508   |    | 509   |    |       |
| 28 | Information processing and communications             | 167                                 |       |                                   | 150   |      |       | 330   |    | 289   |    |       |
| 29 | Professional fees                                     | 296                                 |       |                                   | 216   |      |       | 588   |    | 448   |    |       |
| 30 | Premises and equipment                                | 23                                  |       |                                   | 20    |      |       | 43    |    | 42    |    |       |
| 31 | Other expense                                         | 327                                 |       |                                   | 162   |      |       | 1,240 |    | 286   |    |       |
| 32 | Total other expense                                   | 1,729                               |       |                                   | 1,404 |      |       | 4,038 |    | 2,787 |    |       |
| 33 | Income before income taxes                            | 2,070                               |       |                                   | 1,169 |      |       | 2,474 |    | 2,426 |    |       |
| 34 | Income tax expense                                    | 540                                 |       |                                   | 268   |      |       | 636   |    | 557   |    |       |
| 35 | Net income                                            | $                                   | 1,530 |                                   |       | $    | 901   |       | $  | 1,838 | $  | 1,869 |
| 36 | Net income allocated to common stockholders           | $                                   | 1,521 |                                   |       | $    | 895   |       | $  | 1,795 | $  | 1,826 |
| 37 | Basic earnings per common share                       | $                                   | 6.06  |                                   |       | $    | 3.54  |       | $  | 7.17  | $  | 7.09  |
| 38 | Diluted earnings per common share                     | $                                   | 6.06  |                                   |       | $    | 3.54  |       | $  | 7.16  | $  | 7.09  |

See Notes to the Condensed Consolidated Financial Statements.

3




, Discover Financial Services 10-Q form for quarterly period ended 2024-06-30, page 5: 
DISCOVER FINANCIAL SERVICES


Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited)


(dollars in millions, shares in thousands)

|    |                                                          |                 |              |    |        |        |         |                          |    |                  |    |                                      |               |       |                          |       |        |       |    |       |       |    |          |    |        |
|---:|:---------------------------------------------------------|:----------------|:-------------|:---|:-------|:-------|:--------|:-------------------------|:---|:-----------------|:---|:-------------------------------------|:--------------|:------|:-------------------------|:------|:-------|:------|:---|:------|:------|:---|:---------|:---|:-------|
|  1 |                                                          |                 |              |    |        |        |         | AdditionalPaid-inCapital |    | RetainedEarnings |    | Accumulated Other Comprehensive Loss | TreasuryStock |       | TotalStockholders'Equity |       |        |       |    |       |       |    |          |    |        |
|  2 |                                                          | Preferred Stock | Common Stock |    |        |        |         |                          |    |                  |    |                                      |               |       |                          |       |        |       |    |       |       |    |          |    |        |
|  3 |                                                          | Shares          | Amount       |    | Shares | Amount |         |                          |    |                  |    |                                      |               |       |                          |       |        |       |    |       |       |    |          |    |        |
|  4 | For the Three Months Ended June 30, 2023                 |                 |              |    |        |        |         |                          |    |                  |    |                                      |               |       |                          |       |        |       |    |       |       |    |          |    |        |
|  5 | Balance at March 31, 2023                                | 11              |              | $  | 1,056  |        | 570,460 |                          |    | $                | 6  |                                      | $             | 4,493 |                          | $     | 29,037 |       | $  | (235) |       | $  | (20,297) | $  | 14,060 |
|  7 | Net income                                               | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | 901   |                          | -     |        | -     |    |       | 901   |    |          |    |        |
|  8 | Other comprehensive loss                                 | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | -     |                          | (235) |        | -     |    |       | (235) |    |          |    |        |
|  9 | Purchases of treasury stock                              | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | -     |                          | -     |        | (708) |    |       | (708) |    |          |    |        |
| 10 | Common stock issued under employee benefit plans         | -               |              | -  |        | 29     |         |                          | -  |                  |    | 3                                    |               | -     |                          | -     |        | -     |    |       | 3     |    |          |    |        |
| 11 | Common stock issued and stock-based compensation expense | -               |              | -  |        | 139    |         |                          | -  |                  |    | 12                                   |               | -     |                          | -     |        | -     |    |       | 12    |    |          |    |        |
| 13 | Dividends - common stock ($0.70 per share)               | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | (177) |                          | -     |        | -     |    |       | (177) |    |          |    |        |
| 16 | Balance at June 30, 2023                                 | 11              |              | $  | 1,056  |        | 570,628 |                          |    | $                | 6  |                                      | $             | 4,508 |                          | $     | 29,761 |       | $  | (470) |       | $  | (21,005) | $  | 13,856 |
| 18 | For the Three Months Ended June 30, 2024                 |                 |              |    |        |        |         |                          |    |                  |    |                                      |               |       |                          |       |        |       |    |       |       |    |          |    |        |
| 19 | Balance at March 31, 2024                                | 11              |              | $  | 1,056  |        | 571,595 |                          |    | $                | 6  |                                      | $             | 4,578 |                          | $     | 30,511 |       | $  | (393) |       | $  | (21,038) | $  | 14,720 |
| 21 | Net income                                               | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | 1,530 |                          | -     |        | -     |    |       | 1,530 |    |          |    |        |
| 22 | Other comprehensive loss                                 | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | -     |                          | (5)   |        | -     |    |       | (5)   |    |          |    |        |
| 23 | Purchases of treasury stock                              | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | -     |                          | -     |        | (26)  |    |       | (26)  |    |          |    |        |
| 24 | Common stock issued under employee benefit plans         | -               |              | -  |        | 31     |         |                          | -  |                  |    | 4                                    |               | -     |                          | -     |        | -     |    |       | 4     |    |          |    |        |
| 25 | Common stock issued and stock-based compensation expense | -               |              | -  |        | 639    |         |                          | -  |                  |    | 21                                   |               | -     |                          | -     |        | -     |    |       | 21    |    |          |    |        |
| 27 | Dividends - common stock ($0.70 per share)               | -               |              | -  |        | -      |         |                          | -  |                  |    | -                                    |               | (177) |                          | -     |        | -     |    |       | (177) |    |          |    |        |
| 30 | Balance at June 30, 2024                                 | 11              |              | $  | 1,056  |        | 572,265 |                          |    | $                | 6  |                                      | $             | 4,603 |                          | $     | 31,864 |       | $  | (398) |       | $  | (21,064) | $  | 16,067 |

See Notes to the Condensed Consolidated Financial Statements.

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Question: What is the Dividend Payout Ratio for American Express and Discover Financial Services for the three months ended June 30, 2024?
Answer: The Dividend Payout Ratio for American Express for the three months ended June 30, 2024, is calculated as follows:
Dividends per Share: $0.70
Earnings per Share (Basic): $4.16
Dividend Payout Ratio = Dividends per Share / Earnings per Share
Dividend Payout Ratio for American Express = $0.70 / $4.16 = 16.83%

The Dividend Payout Ratio for Discover Financial Services for the three months ended June 30, 2024, is calculated as follows:
Dividends per Share: $0.70
Earnings per Share (Basic): $6.06
Dividend Payout Ratio = Dividends per Share / Earnings per Share
Dividend Payout Ratio for Discover Financial Services = $0.70 / $6.06 = 11.55%