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To add to this discussion, the placement of ad that was clicked changes the value of how much you earn. For example, consider a block of ads 160x600, an ad at the top will pay more than the same ad a few pages later toward the bottom of that same block. On page factors and Google's algo will effect where the ads are actually placed and their bids.
Consider on page quality scores as well, this will effect how much an advertiser will end up paying through their algo. Lastly, Google does monitor invalid clicks, pay to surf, etc, therefore if your site has shown poor traffic in the past advertisers will be paying close to nothing for those clicks. Forget $.03, more like $.005 per click.
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