Why do companies use share repurchase programs?

I. To increase share price over the long term by increasing a continuing shareholder's portion of the future cash flows.
II. To optimize the company's capital structure.
III. To return capital to shareholders in a more tax efficient manner than cash dividend payouts.
IV. To offset the dilutive impact of other share issuance programs such as stock option programs.
V. To redeploy excess cash flow.

Correct Answer: I, II, III, IV and V