I wouldn't mind seeing them use $100 million of the cash to buyback shares. It only amounts to about a 1 cent per share increase but lowers the number of shares and would be easier to justify a higher share price. It would also offer an additional source of support for the stock. I did a breakdown of what it would look like if they used $100 million of the cash to purchase shares at an average of $12 per share. Why not, they're not doing anything else with the cash.
Q2 Buyback
Operating income $16,406 $16,406
interest $2,100 $1,050
Income before taxes $18,506 $17,456
Taxes (36.5%) $6,754 $6,371
Net income $11,752 $11,085
Per share $0.156 $0.166
rounded $0.16 $0.17
Shares (diluted) 75,111 66,778
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