Let's assume that both high school graduates and dropouts work 40 hours a week for 50 weeks a year (excluding holidays). This amounts to 2000 working hours per year.
Median annual income of high school dropouts in 2005: $25,636
Median annual income of high school graduates in 2005: $31,000
Difference in median annual incomes: $31,000 - $25,636 = $5,364
Extra earnings per hour for high school graduates: $5,364 / 2000 hours = $2.68 per hour
Therefore, a high school graduate with an hourly wage of $8 would earn $2.68 more per hour than a high school dropout with the same hourly wage.