If you have a large position, the prospect of 5-figure dividends is quite appealing.. It also stabilizes the stock price by forcing those that would jump in/jump out to forego the dividned 15% tax rate. To qualify, you must hold for 60 days ex-dividend.

Additionally, the currnet impact of a buyback is minimal to the number of shares outstanding. However, if you don`t have several hundred thousand shares, I could understand how you would prefer the buyback proposal.

Virt