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To: Windsock who wrote (178383)	6/24/2004 1:11:50 PM
From: rkral	Respond to of 186894

Windsock, re "The number of option shares exercised does not equate to options issued." Some options granted ("issued") are cancelled ... and some are exercised. Relative to share repurchase, why consider the cancelled options? re "So in a given year, an employee could be exercising more than one year worth of option grants or less." Agreed, so consider a longer term average as more representative of any one year. re "You would need the number of share grants issued in a given year to compare with the number of shares repurchased in that year to make a valid comparison." Agreed, and the data presented was split-adjusted. Ron