Ryder Authorizes New Anti-Dilutive Program To Repurchase 2 Mln Shares

(RTTNews) - Ryder System, Inc. (R) said Monday that its Board of Directors has authorized a new share repurchase program to mitigate the dilutive impact of shares issued under its various employee stock, stock option and employee stock purchase plans.

The company expects to begin purchasing shares under the program in early 2014.

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, 2013 through December 31, 2015. The program limits aggregate share repurchases to no more than two million shares of Ryder common stock. As of November 30, 2013, the company had 53.1 million shares of common stock outstanding.