“By the time it decided in April to increase its stock buyback program five fold — from $10 billion to $60 billion — Apple (AAPL) already spent $1.95 billion of the original $10 billion fund and had bought and retired nearly 4.1 million shares of Apple common stock,” Philip Elmer-DeWitt reports for Fortune.

“That leaves, by Robert Paul Leitao’s calculations, $58 billion to be spent over the next 11 quarters,” P.E.D. reports. “Leitao, who writes the Posts at Eventide blog and oversees the Braeburn Group of independent analysts, used two assumptions to create [two] charts… That the $58 billion would be spent in equal parts of approximately $5.272 billion each, and that Apple’s share price would rise $25 each quarter from $475 per share this quarter to $725 per share in fiscal Q1 2016 (the last calendar quarter of 2015).”

P.E.D. reports, “By the end of the program, Apple will have repurchased just under 100 million shares, or approximately 10.55% of its current diluted share count. The company will save more than $2.230 billion in dividend payouts on the retired shares — even if it increases its dividends 10% each May. That works out to a savings of nearly $370 million each quarter, or nearly $1.5 billion per year moving forward.”

Read more, and see the charts, in the full article here.