MIAMI (AP) — Ryder System's board has approved the repurchase of up to 2 million shares of its common stock.
The truck leasing company said Monday that the buyback is to help offset the dilutive impact of shares issued under its various employee compensation plans.
Ryder System Inc. said that it anticipates starting stock repurchases under the program early next year.
The company had 53.1 million outstanding shares as of Nov. 30.
Shares of Ryder System, which is based in Miami, climbed $1.86, or 2.8 percent, to $69.55 in morning trading Monday. They had been up almost 36 percent so far in 2013.