Allegiant Travel Co. (ALGT), parent company of Allegiant Air and Allegiant Vacations, announced that its Board has approved increased authority under its existing Common Stock repurchase program.
Allegiant's current Common Stock repurchase program was first approved by Allegiant's Board of Directors in January 2009 with repurchase authority of $25 million.
The company said that its board increased this authority by $10 million in July 2009. As of January 1, 2010, remaining repurchase authority under this program was $10.4 million.
On January 29, 2010, Allegiant's Board of Directors increased remaining authority under the program to $25 million effective January 1, 2010, an increase of $14.6 million.
Under the current Common Stock repurchase program, Allegiant said that it spent $24.4 million in open market transactions during 2009, repurchasing a total of 637,902 shares at an average price of $38.26 per share.
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