Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 77: Our Board of Directors declared the following common stock dividends during 2023, 2022 and 2021:
|    |                              |                   |      |                    |                    |      |
|---:|:-----------------------------|:------------------|:-----|:-------------------|:-------------------|:-----|
|  1 | Declaration Date             | Record Date       |      | Payment Date       | Dividend per Share |      |
|  2 | 2023                         |                   |      |                    |                    |      |
|  3 | October 16, 2023             | November 22, 2023 |      | December 07, 2023  | $                  | 0.70 |
|  4 | July 17, 2023                | August 24, 2023   |      | September 07, 2023 | 0.70               |      |
|  5 | April 17, 2023               | May 25, 2023      |      | June 08, 2023      | 0.70               |      |
|  6 | January 17, 2023             | February 23, 2023 |      | March 09, 2023     | 0.60               |      |
|  7 | Total common stock dividends | $                 | 2.70 |                    |                    |      |
|  9 | 2022                         |                   |      |                    |                    |      |
| 10 | October 18, 2022             | November 23, 2022 |      | December 08, 2022  | $                  | 0.60 |
| 11 | July 20, 2022                | August 25, 2022   |      | September 08, 2022 | 0.60               |      |
| 12 | April 27, 2022               | May 26, 2022      |      | June 09, 2022      | 0.60               |      |
| 13 | January 18, 2022             | February 17, 2022 |      | March 03, 2022     | 0.50               |      |
| 14 | Total common stock dividends | $                 | 2.30 |                    |                    |      |
| 16 | 2021                         |                   |      |                    |                    |      |
| 17 | October 19, 2021             | November 24, 2021 |      | December 09, 2021  | $                  | 0.50 |
| 18 | July 20, 2021                | August 19, 2021   |      | September 02, 2021 | 0.50               |      |
| 19 | April 20, 2021               | May 20, 2021      |      | June 03, 2021      | 0.44               |      |
| 20 | January 19, 2021             | February 18, 2021 |      | March 04, 2021     | 0.44               |      |
| 21 | Total common stock dividends | $                 | 1.88 |                    |                    |      |

On January 16, 2024, we declared a quarterly cash dividend on our common stock of $0.70 per share, payable on March 7, 2024 to holders of record on February 22, 2024, which is consistent with the quarterly amount paid in 2023.
Our Board of Directors declared the following Series C preferred stock dividends during 2023, 2022 and 2021:
|    |                                          |                  |       |                   |                               |       |
|---:|:-----------------------------------------|:-----------------|:------|:------------------|:------------------------------|:------|
|  1 | Declaration Date                         | Record Date      |       | Payment Date      | Dividend per Depositary Share |       |
|  2 | 2023                                     |                  |       |                   |                               |       |
|  3 | July 17, 2023                            | October 13, 2023 |       | October 30, 2023  | $                             | 27.50 |
|  4 | January 17, 2023                         | April 14, 2023   |       | May 01, 2023      | 27.50                         |       |
|  5 | Total Series C preferred stock dividends | $                | 55.00 |                   |                               |       |
|  7 | 2022                                     |                  |       |                   |                               |       |
|  8 | July 20, 2022                            | October 14, 2022 |       | October 31, 2022  | $                             | 27.50 |
|  9 | January 18, 2022                         | April 15, 2022   |       | May 02, 2022      | 27.50                         |       |
| 10 | Total Series C preferred stock dividends | $                | 55.00 |                   |                               |       |
| 12 | 2021                                     |                  |       |                   |                               |       |
| 13 | July 20, 2021                            | October 15, 2021 |       | November 01, 2021 | $                             | 27.50 |
| 14 | January 19, 2021                         | April 15, 2021   |       | April 30, 2021    | 27.50                         |       |
| 15 | Total Series C preferred stock dividends | $                | 55.00 |                   |                               |       |

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, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 86: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Income

(dollars in millions, except for share amounts)|    |                                                       |                                  |        |      |        |      |        |        |    |       |
|---:|:------------------------------------------------------|:---------------------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:------|
|  1 |                                                       | For the Years Ended December 31, |        |      |        |      |        |        |    |       |
|  2 |                                                       | 2023                             |        | 2022 |        | 2021 |        |        |    |       |
|  3 | Interest income                                       |                                  |        |      |        |      |        |        |    |       |
|  4 | Credit card loans                                     | $                                | 14,438 |      |        | $    | 10,632 |        | $  | 8,717 |
|  5 | Other loans                                           | 2,515                            |        |      | 1,870  |      |        | 1,734  |    |       |
|  6 | Investment securities                                 | 449                              |        |      | 179    |      |        | 182    |    |       |
|  7 | Other interest income                                 | 443                              |        |      | 183    |      |        | 18     |    |       |
|  8 | Total interest income                                 | 17,845                           |        |      | 12,864 |      |        | 10,651 |    |       |
|  9 | Interest expense                                      |                                  |        |      |        |      |        |        |    |       |
| 10 | Deposits                                              | 3,886                            |        |      | 1,257  |      |        | 661    |    |       |
| 11 | Short-term borrowings                                 | 5                                |        |      | 2      |      |        | -      |    |       |
| 12 | Long-term borrowings                                  | 855                              |        |      | 606    |      |        | 473    |    |       |
| 13 | Total interest expense                                | 4,746                            |        |      | 1,865  |      |        | 1,134  |    |       |
| 14 | Net interest income                                   | 13,099                           |        |      | 10,999 |      |        | 9,517  |    |       |
| 15 | Provision for credit losses                           | 6,018                            |        |      | 2,359  |      |        | 218    |    |       |
| 16 | Net interest income after provision for credit losses | 7,081                            |        |      | 8,640  |      |        | 9,299  |    |       |
| 17 | Other income                                          |                                  |        |      |        |      |        |        |    |       |
| 18 | Discount and interchange revenue, net                 | 1,447                            |        |      | 1,380  |      |        | 1,188  |    |       |
| 19 | Protection products revenue                           | 172                              |        |      | 172    |      |        | 165    |    |       |
| 20 | Loan fee income                                       | 763                              |        |      | 632    |      |        | 464    |    |       |
| 21 | Transaction processing revenue                        | 303                              |        |      | 249    |      |        | 227    |    |       |
| 22 | (Losses) gains on equity investments                  | (9)                              |        |      | (214)  |      |        | 424    |    |       |
| 23 | Other income                                          | 85                               |        |      | 75     |      |        | 66     |    |       |
| 24 | Total other income                                    | 2,761                            |        |      | 2,294  |      |        | 2,534  |    |       |
| 25 | Other expense                                         |                                  |        |      |        |      |        |        |    |       |
| 26 | Employee compensation and benefits                    | 2,434                            |        |      | 2,139  |      |        | 1,986  |    |       |
| 27 | Marketing and business development                    | 1,164                            |        |      | 1,035  |      |        | 810    |    |       |
| 28 | Information processing and communications             | 608                              |        |      | 513    |      |        | 500    |    |       |
| 29 | Professional fees                                     | 1,041                            |        |      | 871    |      |        | 797    |    |       |
| 30 | Premises and equipment                                | 89                               |        |      | 118    |      |        | 92     |    |       |
| 31 | Other expense                                         | 680                              |        |      | 540    |      |        | 620    |    |       |
| 32 | Total other expense                                   | 6,016                            |        |      | 5,216  |      |        | 4,805  |    |       |
| 33 | Income before income taxes                            | 3,826                            |        |      | 5,718  |      |        | 7,028  |    |       |
| 34 | Income tax expense                                    | 886                              |        |      | 1,344  |      |        | 1,606  |    |       |
| 35 | Net income                                            | $                                | 2,940  |      |        | $    | 4,374  |        | $  | 5,422 |
| 36 | Net income allocated to common stockholders           | $                                | 2,859  |      |        | $    | 4,286  |        | $  | 5,323 |
| 37 | Basic earnings per common share                       | $                                | 11.27  |      |        | $    | 15.45  |        | $  | 17.75 |
| 38 | Diluted earnings per common share                     | $                                | 11.26  |      |        | $    | 15.44  |        | $  | 17.74 |

See Notes to the Consolidated Financial Statements.

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Question: How has Discover’s payout ratio changed between 2023 and 2022?
Answer: The payout ratio is calculated using the formula:
Payout Ratio = (Total Dividends per Share/Basci Earnings per Share (EPS))×100

Dividend per Share:
2023: $2.70
2022: $2.30
Basic Earnings per Share (EPS):
2023: $11.27
2022: $15.45 
Payout Ratio Calculation:
2023: Payout Ratio = 23.9 %
2022: Payout Ratio = 14.9 %