Depends...
The discrepency is certainly in the share buy-back program. The only quibble I had was with the tie to the options program. I know we had a fairly long discussion earlier this year about the impact of share buyback on book value. Contrary to many opinions, purchasing a share with $6 in book value for $25 decreases the book value of all shares a bit.
would you not expect to see the shareholder equity per share increase (less dividends) when reporting profits?
It depends on what they do with the profits. Dividends is one way to return the profits to the shareholders, and the share buyback program is another. Personally, I would prefer to see a higher dividend and less share buy-back. One of the analyst at the CC was hammering them pretty hard on this very issue. Andy mentioned it was a "board" decision, and that they would continue to look at it.
--Alan
wondering if the "excessive" share buy-back program has anything to do with future stock option plans.
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