NEW YORK (TheStreet) --CNBC's Dom Chu joined Friday morning's "Squawk Box" to discuss which companies spend the most money buying back shares of their stock, and which companies benefit the most from stock repurchases.

"According to Howard Silverblatt over at S&P Dow Jones Indices, Apple (AAPL) - Get Report far and away spends the most on buybacks," Chu said.

Apple spent $37 billion to buy back its shares through the end of the second-quarter of this year. However, because Apple is such a massive company with a mega cap, that figure in terms of a percentage is small compared to its market value, Chu added.

"General Electric (GE) buys back about $16 billion worth of its stock in the 12 months ended in June. Then Microsoft (MSFT), about $16 billion as well. Those are the three biggest," Chu noted.

He then discussed companies that receive the most benefit from share repurchases. That is lowering its share count thus increasing its earnings per share.

"Silverblatt points out that Quanta Services (PWR), one of the biggest beneficiary. They reduced their share count by 27%. H&R Block (HRB), the tax prep giant, lowered its share count by 20%. American Airlines (AAL) lowered by 20% as well," Chu said.

Buybacks could provide a significant tailwind as we enter into the back half of the year regarding earnings numbers.

(Apple is held in Jim Cramer's charitable trust portfolio Action Alerts PLUS. See all of Cramer's holdings with a free trial).