Share repurchase through equity

Hi ,

If there is a Share Repurchase funded by Internal funds ,and there is Opportunity cost of equity and Income tax rate involved , Could any one explain what implications will it have on EPS , and how Opportunity cost of equity and tax rate will come into play

EPS1 = NI / S

EPS2 = (NI - (O x C) x (1 - T)) / (S - (C/P))

EPS1 = EPS before repurchase

EPS2 = EPS after repurchase

P = price per share (at the time of repurchase)

S = shares outstanding (before repurchase)

NI = est. net income (before repurchase)

O = opportunity cost of capital

C = cost of repurchase with cash

T = tax rate