It's not the only difference. Dividends are paid to the shareholders of record as of a certain date. Buybacks effectively benefit all the future as-of-yet-uniss

It's not the only difference. Dividends are paid to the shareholders of record as of a certain date. Buybacks effectively benefit all the future as-of-yet-unissued shares, e.g. unvested stock-based comp (which makes it a beloved thing for corporate executives who get their majority of $$$ that way).