Shareholder Equity for our Investors. Increasing Shareholder equity by buying back outstanding shares directly makes the stock you own more valuable. This is a direct correlation.

http://agoracom.com/ir/patriot/forums/discussion/topics/598720-nice-volume-no-conviction/messages/1878337#message

They maintain little interest and motivation to better the worth of Shareholders in non MMP related ways that are entirely within their control, they think it more important to pay the temp (4+ years) CEO a salary and bonuses greater than what they spend on Share buybacks. In 2012 they paid Cliff $457,000 in cash, yet they only spent $124,000 buying back company stock. In 2011 Cliff was paid $313,000, and they only spent $138,000 on buying back company stock. In 2010 they paid Cliff $489,000 in cash, and spent $234,000 on company stock.

If we look at what all three BOD members were paid in just those last 3 years, compared to what they spent on buying back company stock, we have $1,953,000 for their combined pay, vs $496,000 on Share Buybacks. So.. for every 1 dollar they spent to directly increase Shareholder equity (the value of OUR shares), they spent 4 dollars for their own personal pay. I think that makes it pretty damn clear where their priority is for inhouse use of our Shareholder money.