You buy things when they are available for sale. Commodities still have a long way to go...also given the expected inflation rate worldwide. Obviously company thinks that stock is overvalued hence used that as the currency meanwhile they have been buying back stocks to compensate for options issued to employees (this financial engineering is way too complex for me).
On the other hand (as some analyst said in a report) that by this purchase they have increased their equity and lowered the leverage.
Too complicated for as well. The last time I took a position that issued new shares the dilution hammered me. This is acting counter intuitively. I am considering buying the Jan. 2012 15 strike. But will wait for a general market correction