Dividends are taxed, stock buybacks are not, so if the company repurchases shares at reasonable prices (often not the case, imho) repurchases are more advantage

Dividends are taxed, stock buybacks are not, so if the company repurchases shares at reasonable prices (often not the case, imho) repurchases are more advantageous. (Stock buybacks are not forced, the company purchased them from people wanting to sell)