Another use for shares in the stock buyback that I would encourage CBQI to consider would be for making future acquisitions. This would be especially valuable if and when the stock price appreciates in value. That way, future acquisitions funded all or in part by shares would have the potential of being non-dilutive.
Of course, as the price rises to the point that options are converted into shares obtained by CBQI through the buyback, cash will be generated that could be used for acquisitions as well.