Investors who have held shares in the company for the past few years will be happy with the dividend income they have received. Nihon M&A Center Holdings hasn't seen much change in its earnings per share over the last five years. Slow growth and a high payout ratio could mean that Nihon M&A Center Holdings has maxed out the amount that it has been able to pay to shareholders. When the rate of return on reinvestment opportunities falls below a certain minimum level, companies often elect to pay a larger dividend instead. This is why many mature companies often have larger dividend yields.