According to a Legg Mason report I read a few weeks ago, share repurchases and dividends are mathemtical equivalents. Which would you prefer a dividend, that gets taken out of the price of the stock or a share repurchase that reduces that float?

At these prices, I think that a share repurchase makes more sense.

Of course, the company could use the divi/repurchase money to grow the business. Like they should have instead of passing the cash on to "qualified warrant holders"