Southwest Airlines Co. said Thursday that its board authorized the company to buy back $500 million in stock. Chief Executive Gary C. Kelly said the move demonstrated the company's confidence in its future and interest in boosting shareholder value.
Southwest shares were trading at $12.16, up 8 cents for the day. At that price, the company could buy back about 41 million shares.
Southwest has about 735 million shares of common stock outstanding.
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