"The main reasons for acquiring shares are to improve the EPS, retire a specific number of shares and sometimes they are used to provide incentives to officers and employees in lieu of cash or salary adjustments."

Treasury stock, or reacquired stock held(and not retired) reduces the amount of outstanding shares on the open market, however, the outstanding share count is still the same unless they retire it.

I do not recognize the utilization of treasury stock as a dilutive action.

doni