Susgr% is defined as the return on equity times the retention rate. The problem with your calculations is that this then deducts preferred dividends paid twice, first in the return on equity (preferred dividends are taken out of the income available to common stockholders) and then in the retention rate, which deducts all dividends, both common and preferred. I think the proper formula should be roe%ttm*(1-divpsttm/epsinclxorttm). The divpsttm factor makes the retention rate applicable to equity holders only, as it should be. This isn’t a problem for most stocks, but I’ve been looking for an indication of quality in the financial sector, where my primary quality factor, return on capital, doesn’t apply, and in that sector there are a lot of preferred dividends paid.
Dividends, in general, are removed from a project of future growth because they’re gone. The company didn’t get it to reinvest, and in the case of preferred dividends, you didn’t get it for yield. I admit that I’m not an expert on the analysis of financial companies, but as far as I can tell, it would be true for them as well.
If you still want it added back for some reason, it would be:
(100*(IACTTM/(ComEqQ+PfdEquityQ)))*(100-(100*(DivPaidTTM/NetIncBXorTTM)))