Double-counting in Grinold and Kroner percentage, describes, returns, figure, growth

ASSet_MANagemen

I can't figure out why Grinold-Kroner doesn't double-count dividends.
The model describes returns as dividends plus earnings growth (plus other stuff).
If you're assuming a certain percentage of earnings will be paid out as dividends, shouldn't it be subtracted from the earnings growth component of the model?