Insperity, Inc. (NSP) said Thursday that its board of directors has authorized an expansion of its stock repurchase program by an additional 1 million shares.
The company has repurchased over 415,000 shares under the plan in 2013, and as a result of the expansion now has about 1.4 million shares available for repurchase.
The company also declared a quarterly cash dividend of $0.17 per share, payable on June 21 to all shareholders of record as of May 31.
Insperity said it is currently analyzing its investment in The Receivable Exchange, an online marketplace for the sale of accounts receivable. In 2011, Insperity acquired a minority interest in Receivable Exchange for $2.8 million.
Insperity has recently been informed that Receivable Exchange's current valuation estimate is significantly below Insperity's carrying value. Accordingly, Insperity expects to record a non-cash impairment charge in the second quarter of 2013 at an amount up to $2.8 million, or $0.11 per share. Due to federal income tax limitations on capital losses, no tax benefit associated with the impairment is expected to be recognized in the second quarter of 2013.
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