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NightHawk Radiology Holdings, Inc. (NHWK) has entered into an agreement to repurchase 3,000,000 shares of its common stock held by the company's founder and former Chairman, Dr. Paul E. Berger. Under the terms of the agreement, which is subject to typical closing and delivery provisions, the company will pay $4.63 per share.
The share repurchase will result in a reduction in the weighted average number of shares outstanding and thus is expected to result in an increase in adjusted earnings per share in the third quarter of 2009 of approximately one cent per share. Accordingly, the company updated its guidance to reflect this impact of a lower share count, and now expects adjusted earnings per share of 16 to 17 cents for the third quarter of 2009.
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