It seems these companies are able to return cash to shareholders (via
dividend raises) on
average in the 8 - 12 % range without share buybacks and in 11 - 15 % range with (total shareholder yield) outside of any additional increase in the
actual price per share.
It is important to recognize, though, that receiving wildly varying returns that
average 8.38 percent per year is not the same as receiving level returns of 8.38 percent each year — and if you had a bank account that was credited with
actual S&P 500 Index returns from 1920 to 2013 (excluding
dividends), your
average compound return would only be 6.45 percent.