Ryder (R) Authorizes Common Buyback, Max of 2M Shares
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Ryder System, Inc. (NYSE: R), announced today that its Board of Directors has authorized a new share repurchase program to mitigate the dilutive impact of shares issued under the Company's various employee stock, stock option and employee stock purchase plans.
Under the new anti-dilutive program, Ryder management is authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees under the Company’s various employee stock, stock option and employee stock purchase plans from December 1, 2011 through December 13, 2013. The program limits aggregate share repurchases to no more than two million shares of Ryder common stock. Share repurchases will be made periodically in open-market transactions using the Company's working capital, and are subject to market conditions, legal requirements and other factors. In addition, management has been granted the authority to establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the repurchase program. As of November 30, 2011, the Company had 51.1 million shares of common stock outstanding.
Under the new anti-dilutive program, Ryder management is authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees under the Company’s various employee stock, stock option and employee stock purchase plans from December 1, 2011 through December 13, 2013. The program limits aggregate share repurchases to no more than two million shares of Ryder common stock. Share repurchases will be made periodically in open-market transactions using the Company's working capital, and are subject to market conditions, legal requirements and other factors. In addition, management has been granted the authority to establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the repurchase program. As of November 30, 2011, the Company had 51.1 million shares of common stock outstanding.
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