Table:
| Period | 2019 | 2018 | 2017 | 2016 | 2015 |
| --- | --- | --- | --- | --- | --- |
| 1st Quarter | $0.04 | $0.03 | $0.20 | $0.43 | $0.22 |
| 2nd Quarter | $0.03 | $0.01 | $0.20 | $0.43 | $0.38 |
| 3rd Quarter | $0.01 | $0.02 | $0.15* | $0.25 | $0.40 |
| 4th Quarter | $0.02 | $0.01 | $0.03 | $0.26 | $0.38 |
| Total | $0.10 | $0.07 | $0.58 | $1.37 | $1.38 |
Paragraphs:
Dividend Policy
Our policy is to declare quarterly dividends to shareholders as decided by the Board of Directors. The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our other cash needs and the requirements of Bermuda law.
Total dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:
* Includes $0.05 per share distributed as dividend-in-kind.
The Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.
Question:
What is the average quarterly dividend payments per share in the first quarter of 2018 and 2019?
Answer: (0.03 + 0.04)/2  = 0.04