Which of the following is typically NOT affected by a share repurchase?

A share repurchase, also known as a buyback, generally entails the company buying back its own shares from the marketplace. This action can have several financial implications.

When it comes to shareholder earnings, the remaining shareholders may see an increase in earnings per share (EPS) after a buyback, since the total earnings remain the same while the number of outstanding shares decreases. Therefore, this relationship shows that shareholder earnings can indeed be influenced by a repurchase.

The number of outstanding shares is directly impacted by a share repurchase, as the company is actively reducing the total number of shares that are available in the market. This is a fundamental aspect of a buyback.

Ownership percentages among remaining shares also change as a result of a share repurchase. When the company buys back its shares, it effectively consolidates ownership among remaining shareholders, thus altering their respective ownership percentages.

Company operational efficiency, however, tends to be relatively untouched by a share repurchase. While a buyback can affect the capital structure and influence metrics such as return on equity (ROE), the day-to-day productivity or efficiency of the company's operations is not directly influenced by the decision to repurchase shares. The operational efficiency pertains more to how effectively a company utilizes its resources to generate sales