MarineMax, Inc. (NYSE:HZO), the nation’s largest recreational boat retailer, today announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 1.0 million shares of its common stock during the period from today through March 31, 2017. Under the plan, the Company may purchase common stock from time to time in the open market or in privately negotiated block purchase transactions.
The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company's shares and general market conditions. The Company intends to repurchase shares to mitigate the dilutive effect of stock options, and shares repurchased may be reserved for later reissue in connection with employee benefit plans and other general corporate purposes.
As of March 31, 2015, the Company had 24,676,850 shares of common stock outstanding.