FORTUNE -- By the time it decided in April to increase its stock buyback program five fold -- from $10 billion to $60 billion -- Apple (AAPL) already spent $1.95 billion of the original $10 billion fund and had bought and retired nearly 4.1 million shares of Apple common stock. Average share price, according to the company's latest Form 10-Q: $478.20.
That leaves, by Robert Paul Leitao's calculations, $58 billion to be spent over the next 11 quarters.
Leitao, who writes the Posts at Eventide blog and oversees the Braeburn Group of independent analysts, used two assumptions to create the charts above: That the $58 billion would be spent in equal parts of approximately $5.272 billion each, and that Apple's share price would rise $25 each quarter from $475 per share this quarter to $725 per share in fiscal Q1 2016 (the last calendar quarter of 2015).
As a result of the exercise, Leitao made several interesting discoveries:
"The dividends saved each year will go a long way to covering the interest costs on the funds borrowed to facilitate the share repurchases," Leitao nots, "while Apple continues to earn interest on the off-shore funds not repatriated and used for the share repurchases."
NOTE: Included in the numbers is the expectation the 1,494,992 shares received on April 1, 2013 will be included in the June quarter reduction in the share count. Not included are any new shares used for stock-based compensation during the 11-quarter period.
What do any of their concerns have to do with building great products?
FORTUNE -- If Tim Cook needed further validation of Steve Jobs' policy of ignoring the needs and entreaties of Apple's (AAPL) shareholders, the results of the survey at right, released Wedenesday, could provide it.
It comes from a recent luncheon in New York City with several dozen Apple investors that was hosted by Barclays analysts Ben Reitzes and Anthony DiClemente.
If "the MOREPhilip Elmer-DeWitt - Dec 12, 2012 11:45 AM ET
Since February 14, the stock has hit 27 new highs in 31 trading days
"We're not going to go have a toga party or do something outlandish, and so people don't have to worry [the cash] is going to burn a hole in our pocket." -- Tim Cook
Conventional wisdom had it that Apple's (AAPL) share price would take off once the company declared a dividend.
Turns out, all it took was a MOREPhilip Elmer-DeWitt - Mar 27, 2012 5:02 PM ET
Most likely scenario: ongoing dividend. Less likely: special dividend or stock buyback
UPDATE: Apple chose options Nos. 1 and 3:
A 2.65% quarterly dividend, starting in fiscal Q4, which ends in September. Expect this to cost more than $10 billion in the first year alone.
A $10 billion stock repurchase plan starting in fiscal Q1 2013 spread out over the next three years, primarily to offset share dilution due to incentive stock grants.
Total MOREPhilip Elmer-DeWitt - Mar 19, 2012 6:16 AM ET
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