[tgma]

> not having to pay the employees more cash

I acknowledge there is an effect on employee compensation. How it actually plays out is not a simple linear one though (esp. since the comp decision is made at grant time and the impact is seen a while later with different assumptions). The induced incentives and behavior can be different depending on the model chosen.

> The two effects should cancel each other out.

Not sure the math is as clear cut as canceling each other. Maybe. Probably not.