问一道题：NO.PZ2016021705000055

NO.PZ2016021705000055 问题如下 Crozet Corporation plans to borrow just enough money to repurchase 100,000 shares. The following information relates to the share repurchase:Crozet’s earnings per share after the buybawill closest to: A.$4.03. B.$4.10. C.$4.23. is correct.Totearnings before buyback: $4.00 × 3,100,000 shares = $12,400,000Totamount of borrowing: $50 × 100,000 shares = $5,000,000After-tcost of borrowing the amount of fun nee $5,000,000 × 0.06 = $300,000Number of shares outstanng after buyback: 3,100,000 – 100,000 = 3,000,000 EPS after buyback: ($12,400,000 – $300,000)/3,000,000 shares = $4.03The P/E before the buybais $50/$4 = 12.5; thus, the E/P is 8 percent. The after-tcost of is 6 percent; therefore, EPS will increase. 老师，为什么回购股票所产生的收益，即E/P=8%，不会增加NI和EPS?

NO.PZ2016021705000055 $4.10. $4.23. is correct. Totearnings before buyback: $4.00 × 3,100,000 shares = $12,400,000 Totamount of borrowing: $50 × 100,000 shares = $5,000,000 After-tcost of borrowing the amount of fun nee $5,000,000 × 0.06 = $300,000 Number of shares outstanng after buyback: 3,100,000 – 100,000 = 3,000,000 EPS after buyback: ($12,400,000 – $300,000)/3,000,000 shares = $4.03 The P/E before the buybais $50/$4 = 12.5; thus, the E/P is 8 percent. The after-tcost of is 6 percent; therefore, EPS will increase. 请问解答部分最后的E/P, E为什么不用回购后的EPS4.03来计算？ 4.03/50=0.0806

为什么earnings after buyback计算的时候只减去借债的利息，而没有减去借债的本金？

    老师，借债回购earning减少的只是after-tcost of borrowing吗？那个borrowing amount不计算吗？