Dividends reward you for holding a stock. Buybacks you when you sell the stock. I'd much prefer dividends, and if we had a better tax policy on them, I think you'd see companies do a lot less crazy #&*$ to expand into markets that they have no business in.
Either puts $10 dollars into the pockets of shareholders and out of the hands of the company.
Dividends versus a buyback are the same thing except from a tax point of view.
If you choose not to sell that is like an automatic dividend re-investment plan.