Share Repurchase Programs

9 Months Ended

Sep. 30, 2012

Share Repurchase Programs [Abstract]

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS

In December 2011, our Board of Directors authorized a share repurchase program intended to mitigate the dilutive impact of shares issued under our various employee stock, stock option and employee stock purchase plans. Under the December 2011 program, management is authorized to repurchase shares of common stock in an amount not to exceed the number of shares issued to employees under the Company's various employee stock, stock option and employee stock purchase plans from December 1, 2011 through December 13, 2013. The December 2011 program limits aggregate share repurchases to no more than 2 million shares of Ryder common stock. Share repurchases of common stock are made periodically in open-market transactions and are subject to market conditions, legal requirements and other factors. Management established prearranged written plans for the Company under Rule 10b5-1 of the Securities Exchange Act of 1934 as part of the December 2011 program, which allow for share repurchases during Ryder's quarterly blackout periods as set forth in the trading plan. For the three months endedSeptember 30, 2012, we repurchased and retired 87,223 shares under this program at an aggregate cost of $3.5 million. For the nine months endedSeptember 30, 2012, we repurchased and retired 543,923 shares under this program at an aggregate cost of $26.3 million.

In December 2009, our Board of Directors authorized a two-year anti-dilutive share repurchase program. The December 2009 program limited aggregate share repurchases to no more than 2 million shares of Ryder common stock. For the three months endedSeptember 30, 2011, we repurchased and retired 202,971 shares under this program at an aggregate cost of $9.5 million. For the nine months endedSeptember 30, 2011, we repurchased and retired 1,022,971 shares under this program at an aggregate cost of $51.4 million. We completed the December 2009 share repurchase program in December 2011.