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fwiw, the stock is up - my guess is because the BS doesn't matter anymore - you buy 350m in stock and that sounds good but it decreases the share count by 1 to 2% at most.

A helpful chart provided by MRKT which illustrates the disease that is options:

• 188.7 with $23 stock price
• 192 with $27
• 198 with $30

they started the year with 188m
So if the price rises by $4 or so or less than 15% you get another 10m to your count or 300m in market value. So if you buy 350m in stock then at $30 your count goes down 11.6m - which offsets the 10m by 1.6m. And sure, there is a cash and tax benefit to option exercises - which is like saying that to get your kid to pass a course at high school you help him cheat instead of study - but this is ridiculous. And it doesn't include further dilution produced this year. Maybe they will get more reasonable, but the call was not inspiring at all. They are buying shares to control dilution, not reducing issuances to reduce dilution*. Maybe their culture simply doesn't allow it. I don't know. But it is so annoying. At least be honest.

Course, maybe the stock goes up $35. An announcement and debt can do it, and people love it when you got from 0.5x leverage to 2x cause debt is meaningless now. And option creep is a long-term issue for most people (even me).

I'm seeing this over and over now - debt is irrelevant, absolutely irrelevant. Not only irrelevant, but it is a wonderful thing cause it is so low cost and you are an idiot if you don't face the reality that it really isn't there (and in some ways it isn't - long term debt if long enough and fixed can do magical things). So use cap instead of enterprise value in valuing stocks, and embrace the new reality - that jacking up your BS with debt is the way to stock market riches. I say this without a trace of irony cause I'm a fuddy-duddy who thinks debt for the purposes of manipulation is highly questionable. And it seems to lead people to do dangerous and stupid things, but who I am to question the reality of things? It sure makes it harder to invest.


With this framework in mind, today, I'm pleased to say that our Board has authorized a share repurchase program of up to $500 million of our common shares over the next two years. This demonstrates our commitment to driving shareholder value including offsetting some of the dilution from option exercise and ongoing equity compensation awards.
Diluted share count increased 7.3% due to both our higher average share price used to calculate option dilution and option exercises into shares since Q1 2014. We've included for your reference, a slide in the appendix with further details on both the share count movement for this quarter and an overview of our standing share options. The $500 million buyback authorization announced today is intended to allow us to manage share count more actively going forward.

there you go - the buyback " intended to allow us to "manage" share count more actively going forward". From our balance sheet to our pockets - and bypassing you idiot shareholder.
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