Suppose we know the following for Smith, Inc. Net Income $15,000,000 Shares Outstanding 3,000,000 EPS $5 Market Price per Share (Pre-dividend) $25 Expected Dividend per Share $1 With the expected dividend, the total expected distribution by Smith is $3,000,000. However, they are considering perhaps repurchasing shares rather than paying a cash dividend. a. Who would you expect to favor a stock purchase plan as opposed to cash dividend? Why? b. What is the expected post-dividend price per share? How many shares would Smith repurchase? c. Forgetting about taxes for the moment, what effect doe this choice mean for shareholder wealth