The buybacks did provide one big benefit. They increased the compensation to any executives whose pay is tied to the companies Earnings Per Share. Buybacks are the only method that companies have to try to lift the stock price, that also rewards the executives. All other methods (Regular Dividends, Special Distributions, Warrants) only reward shareholders.
Exactly. This is the main reason they are so eager to do buybacks. It's effectively using OPM to give yourself a raise. Now it's apparently a race, who gets to spend most.