The payments processor Total System Services Inc. said Tuesday that its board has approved increasing the number of shares it can repurchase under its existing plan to 15 million from 10 million.
The Columbus, Ga., company now has up to 9.9 million shares available to buy back under the plan, the expiration date for which has also been extended to April 30, 2013.
Philip Tomlinson, TSYS' chairman and chief executive, said last week in an earnings conference call that the company would likely expand its share repurchase plan.
The company, which performs card-issuing services for banks and processes card transactions for merchants, spent $37.5 million on repurchases during the first quarter, it said last week when it reported its first-quarter results.
