Without buybacks, there is no earnings-per-share growth

The Business Insider reports:

Stock buybacks have been drawing a lot of heat lately, but it appears they're the only things keeping big companies' earnings afloat.

According to a chart from Deutsche Bank, as sales and profit growth have retreated, companies' consistent purchases of their own shares have prevented earnings-per-share, or EPS, growth from going negative.

"Buybacks are an important part of the earnings payout and a significant driver of total shareholder return and EPS growth in a slow sales world," said the note from DB Strategist David Bianco.

He also noted that EPS will likely end flat for the year and, based on the chart, that's largely due to buybacks.

Just a reminder.