1
 Norfolk Southern Corp. directors authorized the railroad company to buy back as many as 45 million of its shares,
5001
span

2
 which would have a current value of more than $1.7 billion.
1
elaboration-additional-e

3
 The buy-back,
5002
span

4
 coupled with a nearly completed earlier purchase of 20 million shares,
3
elaboration-object-attribute-e

5
 would reduce shares outstanding by more than 26%.
5004
span

6
 The Norfolk, Va., company has 172.2 million shares outstanding.
5
elaboration-additional

7
 In a statement, Arnold B. McKinnon, chairman and chief executive officer, noted
8
attribution

8
 that the new repurchase program should serve to enhance shareholder value.
5006
span

9
 A spokeswoman said 
5008
attribution

10
the company will finance the buy-back with cash on hand, borrowing and cash
5008
span

11
 Norfolk expects to generate.
10
elaboration-object-attribute-e

12
 Analysts said 
13
attribution

13
they expected the action,
5011
span

14
 and investors applauded the move.
5012
List

15
 In composite trading on the New York Stock Exchange, Norfolk Southern shares closed at $37.875, up $1.125.
5013
consequence-s

16
 Still, analysts don't expect the buy-back to significantly affect per-share earnings in the short term.
5024
span

17
 The impact won't be that great, 
5015
span

18
said Graeme Lidgerwood of First Boston Corp.
17
attribution

19
 That is in part because of the effect
5016
span

20
 of having to average the number of shares outstanding,
19
elaboration-object-attribute-e

21
 she said.
5016
attribution

22
 In addition,
5020
span

23
 Mrs. Lidgerwood said,
22
attribution-e

24
 Norfolk is likely to draw down its cash initially 
5019
span

25
to finance the purchases 
24
purpose

26
and thus forfeit some interest income.
5021
consequence-s

27
 Longer term, however, the buy-back is expected to increase earnings, especially after 1990,
5025
span

28
 Mrs. Lidgerwood said.
27
attribution

29
 Moreover, the extensive program in effect establishes a floor for the stock price,
5026
span

30
 said Joel Price, analyst for Donaldson, Lufkin & Jenrette.
29
attribution

31
 The buy-back is really a comfort to those 
5027
span

32
who want to buy the stock
31
elaboration-object-attribute-e

33
 that there is a {price} floor,
5027
elaboration-object-attribute-e

34
 he said.
5028
attribution

35
 At a certain price,
5033
Same-Unit

36
 if the management thinks 
37
attribution

37
{the stock} is cheap,
5031
span

38
 they can go in
5030
Sequence

39
 and buy it.
5030
Sequence

40
 Under the program, Norfolk plans to acquire shares in the open market.
5040
span

41
 Under the earlier plan, Norfolk was authorized in 1987 to buy up to 20 million shares.
5039
span

42
 It has purchased about 19 million of them.
41
consequence-s

5001
span
5005
span

5002
span
5003
Same-Unit

5003
multinuc
5001
elaboration-additional

5004
span
5003
Same-Unit

5005
span
5007
span

5006
span
5005
elaboration-additional

5007
span
5010
span

5008
span
5009
span

5009
span
5007
elaboration-additional

5010
span
5013
span

5011
span
5012
List

5012
multinuc
5010
elaboration-additional

5013
span
5014
span

5014
span
5037
span

5015
span
5018
span

5016
span
5017
span

5017
span
5015
explanation-argumentative

5018
span
5023
span

5019
span
5021
Same-Unit

5020
span
5021
Same-Unit

5021
multinuc
5022
span

5022
span
5018
elaboration-additional

5023
span
16
example

5024
span
5036
span

5025
span
5024
antithesis

5026
span
5035
span

5027
span
5028
span

5028
span
5029
span

5029
span
5034
span

5030
multinuc
5032
span

5031
span
5030
condition-e

5032
span
5033
Same-Unit

5033
multinuc
5029
explanation-argumentative

5034
span
5026
elaboration-additional

5035
span
5037
elaboration-additional

5036
span
5014
elaboration-additional

5037
span
5038
span

5038
span
5041
span

5039
span
40
comparison

5040
span
5038
elaboration-additional

5041
span



