As companies ponder what to do with their mounting piles of cash, we are seeing more companies consider structured buybacks as a more effecient way to gain the benefits of stock buybacks.

The Financial Times notes that so-called accelerated buybacks are staging a minor comeback at the moment. These buybacks have not been popular since the financial crisis set in, but we've definitely seen a bump recently. For the year through mid-June, 26 such buybacks have been announced, totaling about $8.5 billion, according to Citigroup data. "That puts the market on pace to top last year's total of 39 for $11 billion, still below the peak level of 117 deals for $79 billion in 2007."

The largest such buyback so far this year was executed for Express Scripts, which was able to buyback $1.75 billion worth of shares. Home Depot and RR Donnelley also conducted such buybacks. These buybacks call for companies to essentially short their own stock. They borrow shares and instead of selling them immediately, they retire them. Companies then agree to buy the stock back to cover their short position. They also agree to pay for any losses on the securities. This can goose earnings by lowering the numbers of shares outstanding. They often generated a pop in the stock, if investors react quickly compared to a traditional buyout that might be drawn out over many years.

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