?Identify a high-performing company for which stock-price appreciation is consistent with other financial performance metrics such as EPS growth and ROIC. ?Introduce share repurchases as a strategy for distributing operating cash flow. ?Examine the impact share repurchases have on shares outstanding, earnings per share, and the book value of equity. ?Illustrate that ROIC is not affected by repurchases. ?Examine alternatives to repurchasing shares including financial uses (cash dividend and debt repayment) and operating uses (investing in organic and inorganic growth). ?Explore the hypotheses that share repurchases create real value or serve as a financial signaling tool that increases share price.