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The five million share increase brings to around six million the total number of shares authorized for repurchase under the program as of December 18.
As of December 18, Choice has around 60.8 million shares of common stock outstanding. Through December 18, Choice has repurchased around 40.8 million shares, including 33 million prior to a two-for-one stock split effected in October 2005, of common stock at a total cost of $949.9 million since the program was initiated in 1998.
Considering the effect of the two-for-one stock split, the company has repurchased 73.8 million shares at an average price of $12.88. Year-to-date through December 18, the company has repurchased 2.2 million shares of common stock at a total cost of around $54.0 million.
Silver Spring, Maryland-based Choice Hotels International franchises more than 5,700 hotels, representing more than 465,000 rooms, in the United States and more than 35 countries and territories.
As of September 30, the company has 955 hotels are under construction, awaiting conversion or approved for development in the United States, representing 76,269 rooms, and an additional 119 hotels, representing 9,647 rooms, are under construction, awaiting conversion or approved for development in more than twenty countries and territories.
The company's brands include Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn. The company also offers lodging options at historic, boutique and unique hotels through its Ascend Collection membership program.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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