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  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2013-02-21 00:00:00",
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  "notes": "The slide uses a simple pro forma calculation to demonstrate the dilutive effect of a proposed dividend structure.",
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      "text": "This reduces Apple's earnings per share from $45 to $35. At a constant P/E multiple of 10.0x, the new Apple price is $350 or $100 less than the current price of $450.",
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      "text": "earnings per share: $35",
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      "kind": "paragraph",
      "text": "Here is the math on distributing 5 iPrefs per Apple share. It shows the reduction in net income available to the common stock and earnings per share. Distributing 5 iPrefs per Apple common share results in $9.5 billion in additional dividends or $10 per common share. This reduces Apple's earnings per share from $45 to $35. At a constant P/E multiple of 10.0x, the new Apple price is $350 or $100 less than the current price of $450.",
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      "text": "Math on distributing 5 iPrefs per Apple common share:",
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      "text": "Apple net income 42.5 $45; Less: iPrefs dividends (9.5) ($10); Pro forma net income 33.0 $35; Constant P/E multiple 10.0x; New Apple price per share $350; Current price per share $450; Change in price per share ($100)",
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      "kind": "title",
      "text": "iPrefs Impact the Common Stock",
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