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 buyback will be closest to:
选项：
A. $4.03.
B. $4.10.
C. $4.23.
解释：
A is correct.
Total earnings before buyback: $4.00 × 3,100,000 shares = $12,400,000
Total amount of borrowing: $50 × 100,000 shares = $5,000,000
After-tax cost of borrowing the amount of funds needed: $5,000,000 × 0.06 = $300,000
Number of shares outstanding 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 buyback is $50/$4 = 12.5; thus, the E/P is 8 percent. The after-tax cost of debt 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EPS：4.03来计算？ 4.03/50=0.0806