Com­pa­nies with

Financial Mirror (Cyprus) - - FRONT PAGE -

cap­i­tal re­turned to their share­hold­ers.

As a re­minder, many buy­backs do not re­duce the to­tal share count on a 1:1 ba­sis through time. Com­pa­nies is­sue stock op­tions and give re­stricted stock grants, or they use trea­sury shares to make ac­qui­si­tions — all of which can off­set or min­imise the raw num­ber of shares be­ing re­pur­chased against the float. Still, you will see that com­pa­nies have to now make an­nounce­ments of $20 bln or so to make the top buy­backs of all-time in the year and years ahead. As a re­minder, April is the be­gin­ning of cor­po­rate earn­ings sea­son for the first quar­ter of 2015. This means that the buy­back count is cer­tain to grow even fur­ther.

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