Washington's monthly reports cover trade in goods, but exclude international travel, dividends and interest, foreign aid and other payments.

It excludes reinvested dividends and transfers between different mutual funds within fund organizations.

Another possibility is to exclude dividends from taxation only if the corporation paying them has fully paid the corporate income tax.

But the figures exclude reinvested dividends.

For starters, the total pay figures exclude dividends paid to executives on their restricted stockholdings - not an inconsequential figure, in many cases.

Asked why he excluded dividends on restricted shares from his analysis, Mr. Cook conceded that it did make for an apples-and-oranges comparison.

But they exclude reinvested dividends.

It said a net $2.4 billion, which excludes reinvested dividends, was added to stock funds in the week ended Wednesday.

(The figures exclude both dividends and transaction costs.)

They exclude dividends that are automatically reinvested in funds.