The MarineMax board of directors approved a new stock repurchase plan authorizing the company to repurchase as many as 2 million shares of its common stock through Sept. 30, 2019.
The new repurchase plan follows a February 2016 plan that authorized the repurchase of as many as 1.25 million shares; 1.14 million shares have been repurchased.
Under the new plan, the company can purchase common stock from time to time in the open market or in privately negotiated block purchase transactions.
The amount and timing of any purchases will depend on a number of factors, including the price and availability of the company’s stock and general market conditions, MarineMax said in a statement.
The company said it intends to repurchase shares to mitigate the dilutive effect of stock options; shares that are repurchased may be reserved for later reissue in connection with employee benefit plans and other general corporate purposes.
As of July 31, MarineMax had 23,735,432 shares of common stock outstanding.
