If they really wanted that dividend, they could see that the company is doing $X in buybacks, figure out what percent of its market cap that works out to, sell

If they really wanted that dividend, they could see that the company is doing $X in buybacks, figure out what percent of its market cap that works out to, sell a corresponding amount, and pretend it's a dividend. A lot of shareholders also DRIP, but they should prefer buybacks for tax reasons.