dmar

I got 3.5% also. I have my own simple way of looking at this and I am not budging now.
If the question gives the repurchase yield, that is the question says repurchase yield is- x%
I calculate the income return as
dividend yield + repurchased yield.-(x%)
If the question states that outstanding shares has decreased  as a%which means that cash has been received from share holders I calculate the income return as
dividend yield +(-a%)
This works for me.