=+LG 6 P14–17 Stock Repurchase The following data are available on Volkswagen AG as of December 22, 2017:

Earnings available to stockholders €3,631,450,000 Number of shares of common stock outstanding 295,000,000 Earnings per share €12.31 Market price per share €170.19 Price/Earnings ratio (P/E) 13.82 The firm’s board is currently considering whether it should use €295,000,000 of its earnings to pay cash dividends of €1 per share or to repurchase stock at €170.20 per share.