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Ryder to Buy Back Shares to Avoid Dilution From Stock Awards
Ryder System Inc. (R), the largest publicly traded U.S. truck leasing company, said it may repurchase as many as 2 million shares to counter dilution from stock issued to employees.
The buyback will be no more than the number of shares issued under employee stock, stock-option and share-purchase plans from Dec. 1 this year through Dec. 13, 2013, up to the limit, the Miami-based company said today in a statement.
The maximum buyback is about 3.9 percent of the shares outstanding. Ryder shares fell 2.1 percent this year through yesterday.
Chief Executive Officer Gregory Swienton said on an Oct. 25 conference call that Ryder during the third quarter bought back about 203,000 shares under a similar program.
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