There is often a fair amount of debate surrounding what is a better method for a company to reward shareholders with: A dividend hike or a share repurchase plan.

Dividend detractors say dividends cost a company cash that can be used to reinvest in its business.

Supporters like the cash and view it as a sign of company's strong balance sheet. Those that favor share buybacks like the idea of a smaller number of shares outstanding, which can help boost earnings per share.

Both strategies have merit, but what if you can find a company that is engaging in both practices? On Thursday we learned of two companies doing just that.

Tiffany (NYSE: TIF), the high-end jeweler, said it will boost its quarterly dividend by 18% to 20 cents a share and reinstate a share repurchase plan with $402 million left on it.

Washington Post Co. (NYSE: WPO) joined the party by announcing a 4.7% dividend increase for its Class B shares. The new payout will be $9 a share per year, up from $8.60 a share.

The publisher of its namesake newspaper and operator of the Kaplan education services firm, also said it will repurchase 750,000 of those Class B shares of which there are about 8.1 million outstanding.

Good news to be sure, but trading near $450 Washington Post isn't a realistic investment for most retail investors.

Tiffany and Washington Post share something else in common.

Warren Buffett is an investor in both companies. The Oracle of Omaha purchased $250 million in Tiffany bonds early last year and his Berkshire Hathaway (NYSE: BRK-A, BRK-B) holding company is the largest Washington Post shareholder.