DST Systems (DST) Announces $250M Repurchase Plan

January 31, 2013 7:21 AM EST
DST Systems, Inc. (NYSE: DST) today announced the Board of Directors of DST authorized a $250 million share repurchase plan, which replaces the Company's existing share repurchase plan, under which DST had approximately 750,000 shares remaining. The plan, as amended, allows, but does not require, the repurchase of common stock in open market and private transactions.

The Company had 44.3 million shares of common stock outstanding at December 31, 2012, a decrease of approximately 900,000 shares from September 30, 2012 and an increase of 200,000 shares from December 31, 2011. During the fourth quarter 2012, the Company spent $73.7 million to repurchase 1,250,000 shares of DST common stock.

Average diluted shares outstanding for fourth quarter 2012 were 46.1 million, an increase of 100,000 shares or 0.2%, from third quarter 2012 and an increase of 1.4 million shares or 3.1% from fourth quarter 2011. average diluted shares outstanding from fourth quarter 2011 resulted from shares issued under equity compensation plans and from higher dilutive effects of equity compensation awards and convertible debentures, partially offset by share repurchases made in the fourth quarter of 2012.

Total stock options, restricted stock and restricted stock units ("equity units") outstanding at December 31, 2012 were 2.7 million, of which 1.7 million were stock options, 100,000 were restricted stock and 900,000 were restricted stock units. Equity units decreased 600,000 units or 18.2% from September 30, 2012 and 2.3 million units or 46% from December 31, 2011 primarily from fewer stock options outstanding.

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