lamberts, as you note the pure math is a wash. The question is what is in the best interest of PTSC long-term investors (vs. traders). With that in mind share buybacks are the clear winner, IMHO due to reduced float and resultant positive impact on share price (all other things equal). Also, as others note if PTSC is to be acquisitive (thereby hopefully leveraging its cash many times over), why distribute cash as dividends?