RE:When should Buybacks be done? When Share Price isCash is Trash. At these prices, I think the company could even borrow to buy back stock. And this is coming from someone who hates debt. If they could borrow Cdn $280 million and buy in 20 million shares at an avg cost of $14, they would be saving $30.8 million a yr (non tax deductible) in dividends at the cost of $22.8 million in interest (tax deductible). And they would be increasing BV/sh, EPS and Reserves /share by 20%. It is a no brainer, especially because they could easily pay off the debt in 2 to 3 yrs.