Cash flow to stockholders is dividends paid out by a firm less net new equity raised.

From the income statement in Table 2.2, we see that dividends paid to stockholders amounted to $103. To get net new equity raised, we need to look at the common stock and paid-in surplus account in the balance sheets in Table 2.1. During the year, this account rose by $40, so $40 in net new equity was raised. Given this, the cash flow to stockholders for 1996 was: