Stock Repurchase Program. Parent shall implement a stock repurchase program (the “Repurchase Program”) for a period of twelve months following the Effective Time pursuant to Rule 10b5-1 under the Exchange Act (provided that the earliest the Repurchase Program shall be required to commence is four weeks after the date that the Parent Common Stock has commenced trading on NASDAQ) to repurchase in open market transactions, subject to compliance by Parent with any of its liquidity, covenant, leverage and regulatory requirements and the approval and continuation of such program by the Parent Board in light of its duties under Applicable Law, shares of Parent Common Stock in an aggregate amount of up to $20,000,000 (subject to the adjustment described in the immediately following proviso, the “Maximum Repurchase Amount”) at market prices at any time the shares of Parent Common Stock trade below ninety percent (90%) of Parent’s then-most recently disclosed net asset value; provided that the Maximum Repurchase Amount shall be $20,000,000 less the amounts purchased under any similar 10b5-1 plan that is entered into by Affiliates of Parent or Parent External Adviser with respect to Parent Common Stock at a price equal to or higher than the price contemplated by the Repurchase Program.
Stock Repurchase Program. The Surviving Corporation shall implement a stock repurchase program for a period of eighteen months following the Effective Time pursuant to Rule 10b5-1 under the Exchange Act to repurchase, subject to compliance by the Surviving Corporation with any of its liquidity, covenant, leverage and regulatory requirements and the approval and continuation of such program by the board of directors of the Surviving Corporation in light of its fiduciary duties, shares in an aggregate amount of up to $15,000,000 at market prices at any time the shares of Surviving Corporation Common Stock trade below ninety percent of the Surviving Corporation's most recently disclosed Net Asset Value.
Stock Repurchase Program. The Company has been authorized by the board of directors to repurchase 457,000 shares of its outstanding common stock in addition to shares which have already been repurchased by the Company. The Company will continue to repurchase shares of its stock at such times and such prices as management and the board of directors deem advantageous and prudent.
Stock Repurchase Program. During fiscal year 2008, the Board of Directors authorized share repurchases of $350 million. As part of the stock repurchase program, we entered into an accelerated share repurchase agreement (‘‘ASR’’) for $100 million and four Rule 10b5-1 plans (the ‘‘10b5-1 Plans’’). In November 2007, the counterparty under the ASR delivered 4.3 million shares to us. In April 2008, an additional 1.6 million shares were delivered upon final settlement of the ASR. We also repurchased $226.7 million, or 11.7 million shares, of our common stock under the 10b5-1 Plans and through open market purchases. A total of 17.6 million shares were repurchased during fiscal year 2008 at an average price of $18.59. As of July 31, 2010, we were authorized to repurchase an additional $23.3 million under our stock repurchase program. Our Term Loan contains a $1.0 million limit for repurchase of our common stock in any fiscal year.
Stock Repurchase Program. The Company began acquiring shares of its common stock in connection with a stock repurchase program announced in August 1999. That program authorized the Company to purchase common shares on the open market or pursuant to privately negotiated transactions at price levels the Company deems attractive. As of December 31, 2003, the Company has repurchased approximately 5.5 million shares of the 6.0 million shares authorized to be repurchased under this program at a cost of $35.8 million. The 6.0 million shares authorized to be repurchased represented approximately 13.0% of the shares outstanding at the beginning of the program. In the fourth quarter of 2003, the Board of Directors authorized the repurchase of an additional 2.6 million common shares through a modified Dutch tender offer. Upon expiration of the tender offer in January 2004, the Company repurchased 2.2 million shares at a cost of $37.4 million. The Company financed the share repurchase from existing cash reserves and by borrowing under its $135 million revolving credit facility. STOCK OPTION PLANS Pursuant to the Company's 1992 Stock Option Plan (the "1992 Plan"), the Company has reserved 8.0 million shares of its common stock for the future granting of options to officers and other employees. The exercise price of the options is no less than the fair market value on the date of the grant. Options under the 1992 Plan generally become exercisable over a three to five year period, or the Company's attainment of certain performance related criteria, or immediately upon a change of Company control. The Company issued 138,500, 629,969, and 1,000,000 options in 2003, 2002, and 2001, respectively, that will vest only if certain NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) performance targets are met. In addition, the Company issued 234,810 and 890,838 options in 2002 and 2001, respectively, that will vest over a three to five year period. Nonvested options are forfeited upon termination of employment and otherwise expire ten years from the date of grant. Shares available for future grants totaled 1,647,225, 1,607,615, and 2,155,028 as of December 31, 2003, 2002, and 2001, respectively. Pursuant to the Company's Director Stock Option Plan (the "Director Plan"), the Company has reserved 200,000 shares of its common stock for future granting of options to members of its Board of Directors. The exercise price of the options is equal to the fair market value on the date of grant. In 2001, the ...
Stock Repurchase Program. The Company agrees that Mx. Xxxxxx shall be entitled to participate in a manner and on terms comparable to other Company Executives with respect to any offer to repurchase Company stock that shall be made available to other Company Executives as a group prior to December 31, 2006.
Stock Repurchase Program. The Company has authorization to purchase an additional $65 million of common stock under the $100 million stock repurchase program authorized by the Board in August 2015. The Company remains committed to continue repurchasing common stock, as appropriate and in a manner consistent with the Board's fiduciary duties, and agrees to use reasonable efforts to repurchase shares of the Company’s common stock pursuant to the authorization.
Stock Repurchase Program. We have a share repurchase program under which we may purchase our common shares on the open market or through privately negotiated transactions. We currently have Board authorization through May 2018 to repurchase up to an aggregate of the greater of 2.8 million shares or $100 million. No shares of common stock were repurchased pursuant to this program during the year ended December 31, 2017. Since the plan’s inception in 2000, a total of 2.1 million shares have been repurchased at a total cost of $83.3 million.
Stock Repurchase Program. Purchase or commit to purchase any of Borrower’s stock or other equity interests pursuant to the Stock Repurchase Program (as defined in the First Amendment) prior to May 2, 2009.
Stock Repurchase Program. On December 8, 2014, the Board of Directors approved an increase in the Company’s stock repurchase program to an aggregate of $150.0 million. Common stock may be repurchased from time to time in open market or privately negotiated transactions at the Company’s discretion subject to market conditions and other factors. During the second quarter of fiscal 2017, the Company began to repurchase shares through this program. The Company repurchased approximately $28.8 million of the Company’s common stock during fiscal 2017. Our dividend policy as well as any decision to execute on our stock repurchase program will depend on our earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors. Our credit agreement permits us to pay dividends to our stockholders and make share repurchases so long as our pro forma leverage ratio is no greater than 2.50 to 1.00, and our pro forma domestic liquidity is at least $50.0 million.
