New Haven electronic payments vendor Higher One Inc. said Tuesday that it will buy back up to $40 million of its common stock.
The company said its board of directors has approved the repurchase of its issued and outstanding shares of common stock through Sept. 7, 2012, a plan that will enrich shareholders by increasing future earnings per share.
The timing and amount of repurchases under the authorization will depend on market conditions, and Higher One’s other funding requirements, the company said.
Higher One officials said the share repurchase program was is being done to reverse the dilutive impact of past and future exercise of employee stock options and other stock incentives.
Higher One provides electronic payment services to students on college campuses.
