Super Painter, Inc. (SPI) has 20,000,000 shares outstanding with a current market value of $55 per share. SPI made $100 million in profits for the recent quarter, and since only 60% of these profits will be reinvested back into the company, SPI’s Board of Directors is considering two alternatives for distributing the remaining 40% to shareholders: Pay a cash dividend of $30,000,000 / 20,000,000 shares = $1.50 per share. Repurchase $30,000,000 worth of common stock. Suppose that dividends are received when the shares go ex-dividend, the stock can be repurchased at the market price of $55 per share, and there are no differences in tax treatment between the two alternatives. How would the wealth of an SPI shareholder be affected by the board’s chosen method of distribution?