Advantages of a share repurchase over a cash dividend

Question

Problem:

What are the major advantages of a share repurchase over a cash dividend?

(Accounting for a stock dividend) Epson, Inc., has the common stock accounts shown here. The stock has a $38 per share market value. If Epson pays a 10% stock dividend, show the revised common stock accounts.

Paid-in capital ($0.50 par value, 10,000,000 shares) $ 5,000,000
Capital contributed in excess of par value                 13,000,000
Retained earnings                                                  60,000,000
Common stockholders' equity                                $78,000,000