I certainly do. To me it pretty obvious this is the reason the stock is stuck in a 10 year trading range. They spend hundreds of millions buying back stock only to issue in the form of stock options.
I posted about this fairly extensively a while back and it elicited no comment. If I recall, I wrote about the cumulative issuance over a multi year period. That said, this stock is a decent candidate for a multi-month trade if one can buy close to the 52 week low. I might be a buyer in the $26's.
Which leads me to believe the average investor hasn't a clue why this is a problem.
I just checked the S&P report at Fidelity. S&P gives a short history of diluted shares outstanding. In 2008, the count was 611 million for SYY, and it's 584 today, so a drop of 27 million, or less than 5% in that span of time. So like you say, the company seems to be in no hurry to reduce the share count, and it may be buying the shares with one hand, and issuing them via options with the other.
But meanwhile the price/sales ratio is just .39. This number has been dropping since sales have been modestly increasing as the stock has been flat. The lower the price to sales, the more leverage we should have to lower fuel prices that SYY must pay to run its fleet.