Ron, "Patience"
Thanks for the link, interesting read. I have a question for you in this regard.
From
sec.gov
it follows that the share balance was 2769M on Jan 28 2005.
From previous 10-k for FY'04,
sec.gov
it follows that the share balance was 2721M, on Jan 30 2004.
Incidentally, the increase of 48M shares is exactly equal to the reported number of shares "issued" under various employee plans during FY'05, and the corresponding income cash was $1091M (or $1372M w/tax benefits). Simultaneously, during FY'05, Dell purchased 119M own shares on the open market, totalling to $4219M. So, the question is: where those 119M shares went to?
AFAIK, company own shares are claims against the company, so when the company buys them back, they vanish, "retire". So, my reading into these numbers is that those 119M shares were also re-issued, and then exercised by bulk employees of Dell, making the total number of exercised shares 119+48 = 167M shares. Where am I wrong in this thinking?
Regards,
- Ali |
