And, for the latest 12-month period, we required both positive earnings and positive excess cash flow.

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Schwartz figures that HP can repurchase and retire 4% of its capitalization each year by the use of this excess cash flow.

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Meanwhile, they lost sight of improving balance sheets and excess cash flow, a first for this industry in its 35-year jet history.

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We further narrowed the screen by excluding heavily leveraged firms and culling out companies with negative excess cash flow for their latest 12 months.

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Just about every day we see large corporations with strong balance sheets and excess cash flow decide the best use they can make of the money is to return it to shareholders by repurchasing shares that increase the earnings per share behind all the remaining shares.

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