I believe that Aeropostale is taking the right course of action by continuing their aggressive stock buyback program instead of paying out the remaining free cash flow. Since management has shown the ability to buyback at conservative prices, shareholders are gaining immense value from every share that is bought back. In addition to avoiding double taxation, the company is taking advantage of a time when the stock is trading at a low valuation to build the treasury share count. The irony of the whole situation is that even though I believe this is the best course to follow, many on Wall Street would hop right on board the stock if they were to declare a special dividend, instead of using the money for buybacks. I am quite content owning shares in a company who will continue to build great value, while its issue is out of favor.