Pre-Paid Legal Authorizes Stock Repurchase
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Pre-Paid Legal Services Inc. (PPD: News ) said its Board authorized an additional repurchase of 1 million shares, as it has purchased virtually all of our previously announced stock repurchase authorizations totaling 15 million shares. We will make purchases at prices we consider attractive. The company has not set a time limit for completion of the additional share repurchases.
During the fourth quarter through November 30, 2009, the company returned $28.8 million to shareholders through the repurchase of 722,022 shares of common stock, at an average per share price of $39.89. Since April 1999, we have returned $450.8 million to shareholders through the purchase of 14.9 million shares, average price of $30.21 per share, and $17.1 million in dividends for a combined total of $467.9 million representing more than 100% of our net earnings during the same timeframe.