American Capital (ACAS) repurchased about 13.4M shares of company stock in Q3, 4.6% of the June 30 float. The shares were purchased at an average price of $13.11 each for a total cost of about $175.5M. June 30 book value per share was $19.28.
In two years, the company has bought back 24.3% of its stock at an average price of $11.02 each. The buybacks at well underneath book value have been accretive to the tune of $1.40 per share. Put another way, the company would have had to earn another $405M to have produced the same increase in NAV. Total operating income for the year ending June 30 was $338M.
The stock's about a double since October 1, 2011.