I would prefer to double the dividend to $2.00 (still only a third of over $6.00 of earnings) rather than have a stock buyback. A dividend increase rewards long tern stockholders. A stock buyback increases management profits on stock options.
The $6 or so in earnings is not sustainable long term. Today they are printing cash in a few years that might not be the case. I'd rather see the company pay down debt invest in projects and decrease share count when the stock is cheap. Down the road the investments will pay off in terms of higher EPS and free cash flow per share.
However, I expect they'll increase the dividend to 30 cents this year if its sustainable.