Stock repurchase

Shares of your parent firm's common stock may be repurchased by placing a purchase order with the firm's stockbroker.  The shares will be purchased at a price that is 10 percent above the market price reported at the end of the previous quarter.  Stock is repurchased by entering the number of shares to be repurchased, preceded by a minus sign, in the Stock Issue section of the decision form.  Repurchase must be made in multiples of 100,000 shares.  If your firm decides to repurchase 500,000 shares of stock during the current quarter, for example, enter -500 on the decision form.  Your corporate charter requires that there be at least 3 million shares outstanding so repurchases are limited to an amount that would leave at least 3 million shares after the repurchase.  Shares may not be repurchased if the balance of the Accumulated Earnings account is not sufficient to fund the repurchase.

Maximum repurchase:  to leave at least 3 million shares outstanding

Limits:  -500 to 0 (in thousands of shares) in 100,000 share blocks