It's not dilution, it's treasury stock that is being converted to cash at some price probably between $25 and $30 a share to institutional investors. This just increases the public float not the shares outstanding. It's brilliant because the stock price is high and they can raise money without increasing debt.
Yeah, I really do. Do you? Forever earnings are now divided by more shares.
$100M of earnings divided by 25M shares is $4/share.
$100M of earnings divided by 33M shares is $3/share.
(Doesn't matter the actual share numbers, so only 4M more shares is still dilutive).
More shares damages earnings FOREVER.
Had they taken a loan, then they could have paid it back with reasonable interest, and been done. Instead they irreparably harm shareholders and dilute value FOREVER.