| | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | Year | | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | . | Salary | | 400,000 | 420,000 | 440,000 | 460,000 | 480,000 | | | | | | | | | | | | | | | | . | Tax Rate / After Tax | 50% | 200,000 | 210,000 | 220,000 | 230,000 | 240,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | . | | | | | | | | | | | | | | | | | | | | | | | . | Per Share Cut of After-Tax Salary | 0.0016% | | | | | | | | | | | | | | | | | | | | | . | Net Cash Flow Per Share Per Year | | $3 | $3 | $4 | $4 | $4 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | . | | | | | | | | | | | | | | | | | | | | | | | . | Total Cash Flow Per Share | $17.6 | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | Required Rate of Return | 25% | | | | | | | | | | | | | | | | | | | | | . | 2008 Present Value of Future Per-Share Cash Flows | $9 | | | | | | | | | | | | | | | | | | | | | . | | | | | | | | | | | | | | | | | | | | | | | . | Price Per Share | $20 | | | | | | | | | | | | | | | | | | | | |
|
|