Intel Corporation (INTC) Message Board

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Technology Stocks : Intel Corporation (INTC)

INTC 36.20

+0.1%

Dec 26 9:30 AM EST

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To: Elmer Phud who wrote (178373)	6/23/2004 9:48:58 PM
From: rkral	Read Replies (1) of 186894

elmerp, re "Intel buys 2X shares @ $Y. At the same time they grant options on X shares @ $Y. No cost and no dilution." Nice hypothetical. Too bad it's far far removed from reality. Over Intel's 8 years ending 2003 ... Stock repurchases (1344M) shares @ $22.92 = ($30.8B) Stock exercises 702M shares @ $3.95 = $ 2.8B --------------------------------------------------------- Shortage ($28.0B) Even if one looks only at repurchase of the 702M shares, and includes the tax benefit from exercise ... Stock repurchases (702M) shares @ $22.92 = ($15.4B) Stock exercise proceeds 702M shares @ $ 3.95 = $ 2.8B Exercise tax benefit $ 3.1B -------------------------------------------------------- Shortage ($ 9.5B) Whether that $9.5 billion came from Retained Earnings .. or whether it came from Common Stock & Additional Paid-In-Capital, it was part of Stockholders' Equity. Ron

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