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BASKING RIDGE, N.J. (AP) — The board of college bookstore operator Barnes & Noble Education has approved the repurchase of up to $50 million in company shares, a move that can help the company's earnings per share.
Shares of the Basking Ridge, New Jersey, company jumped Monday morning after it announced the repurchases, which will be conducted on an ongoing basis.
Buybacks have the effect of boosting earnings per share by reducing the number of shares over which earnings must be divided. They also can help support a company's stock price.
Book store chain Barnes & Noble spun off Barnes & Noble Education Inc. in August, a move the company announced earlier this year after scrapping plans to spin off its digital Nook business. Barnes & Noble also announced a $50 million share repurchase in October and saw its stock spike afterward.
Barnes & Noble Education Inc. runs 743 stores on campuses across the country.
The company's stock climbed nearly 2 percent, or 17 cents, to $8.87 in morning trading Monday while broader indexes slipped less than 1 percent.
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