She specifically asks you to explain this apparent paradox. During the course of your investigation you discover the following events:

For the decade ending December $31,2021,$ Del Conte had $60$ million common shares and $20$ million shares of $8\%,$ $$10$ par nonconvertible preferred stock outstanding. Cash dividends have been paid quarterly on both.

On July $1,2023,$ half the preferred shares were retired in the open market. The remaining shares were retired on December $30,2023.$

$$55$ million of $8\%$ nonconvertible bonds were issued at the beginning of $2024,$ and a portion of the proceeds were used to call and retire $$50$ million of $8\%$ debentures $($outstanding since $2019)$ that were convertible into $9$ million common shares.

In $2022,$ management announced a share repurchase plan by which up to $24$ million common shares would be retired. $12$ million shares were retired on March $1$ of both $2023$ and $2024.$

Del Conte's income tax rate is $25\%$ and has been for the last several years.