TriNet Boosts Stock Buyback Program By $30 Mln

(RTTNews) - TriNet Group, Inc. (TNET) said Tuesday that its Board of Directors has approved a $30 million increase to its ongoing stock repurchase program, authorizing the company to repurchase in the aggregate up to $45 million of its outstanding common stock.

The program was initially approved by the company's Board of Directors in May 2014 to authorize the company to repurchase in the aggregate up to $15 million of its outstanding common stock. TriNet has repurchased about $15 million of its outstanding common stock year-to-date in 2014.

Stock repurchases under the program are intended to offset the dilutive effect of share-based employee incentive compensation.

The repurchases will be funded from the company's existing cash balances.