“I guess I’ll win that bet!” you announced to no one in particular. “What bet?” Renee asked. Renee Patey was close enough to overhear you. “When I bought my REC stock last year, Randall insisted it was a mistake, that they were going to collapse. I bet a Coke Randall was wrong. This press release says they have positive earnings,” you bragged. Renee was looking over your shoulder now at the article you were pointing to:

CHICAGO (ACCOUNTING WIRE)—July 1, 2024—Republic Enterprise Companies, Inc. (REC), today reported net income attributable to REC of $3.6 billion for the quarter ended May 31, 2024. . . . Diluted earnings per share attributable to REC were $1.52 for the second quarter of 2024, compared with $1.21 for the second quarter of 2023.
Our Board of Directors . . . authorized the repurchase of shares of REC Common Stock, with an aggregate purchase price of up to $2.0 billion. “A dollar fifty-two a share, huh?” Renee asked. “How many shares do you have? When do you get the check?”

Required:
1. These questions imply that Renee thinks you will get cash dividends of $1.52 a share. What does earnings per share tell you?
2. A previous press release indicated that “Share and per share amounts prior to the second quarter of 2022 have been restated to reflect the 1-for-20 reverse stock split effective June 30, 2022.” What does that mean?
3. The press release indicates plans to repurchase shares of its own stock. How would the reduction in shares from a stock repurchase be taken into account when EPS is calculated?