Take Pfizer, according to Yahoo their last four quarters earnings were $1.20. They paid 0.64 in dividends during that same time.

Are you saying that Pfizer's earnings would have been $1.84 if they didn't pay out any dividends?

You might not be saying that --- I'm not sure --- but in the above example, Pfizer's earnings would be $1.20 whether or not they paid a dividend.