Ruth's Hospitality (RUTH +5.4%) will repurchase and retire all of outstanding shares of its...

|About: Ruth's Hospitality Group, Inc. (RUTH)|By:, SA News Editor

Ruth's Hospitality (RUTH +5.4%) will repurchase and retire all of outstanding shares of its Series A 10% convertible preferred stock owned by one of its largest shareholders for $60.2M. As a result of the buyback, RUTH's diluted common stock share count decreases by ~8.6M shares and the 10% dividend on the preferred stock is eliminated.