Yes, the company.

In my 401K that I had about 20 years before retiring and converting it to an IRA, all divs received from my employers own stock (ETN for 12 of those years) + the mutual funds made available under the plan provisions, we had a choice for the MF's to take cash and either have it go into a money market fund in which we could buy what ever the plan offered at a later date, or just leave it in cash, or get a check quarterly. The ETN stk was manditory to be received in shares, which they labled "units" and I chose reinvest divs for the MF's.

IE, if one had 1000 units (actually shares) a 50 cent declared div = $500, at $75/share = 6.67 "free" shares. If my memory is correct, in this 401K plan, units were recorded on your statement. In EDIG's case, or any publically traded stk, etf, mf, under the reinvest option it's shares for stk, and units/shares for etf & mf.

This is the best way I can explain it, and if there is another view point I'd like to hear it.

With an IRA or brokerage account, one can take cash or reinvestment.

Hope this makes sense.