Hanover Capital Mortgage Holdings Inc., Edison, N.J., has reported net earnings of $9.3 million for 2003 ($1.60 per share) versus $5.1 million ($1.16 per share) the year before, a 38% increase in earnings per share.For the fourth quarter, Hanover Capital reported earnings of $2.4 million ($0.30 per share), compared with $928,000 ($0.21 per share) a year earlier. "Over the past three years our earnings per share have increased at a 41.9% compound annual growth rate," said John A. Burchett, the company's chief executive officer. "Our decision to distribute a special dividend of $0.40 per share demonstrates management's commitment to distribute substantially all of our GAAP earnings to stockholders."

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