Columbia Sportswear Company announced that the company’s board of directors has authorized the repurchase of up to an additional $200 million of company common stock in market or negotiated transactions. The authorization is effective immediately.

Year-to-date, the company has repurchased 939,560 shares, including 398,518 shares since the company’s last earnings release on July 26, 2018. Currently, the company has $59.7 million remaining available under the current share repurchase authorization.

“Because of market opportunities, we were on a path to exhausting the existing authorization more swiftly than anticipated. Our share repurchase program is an important part of our capital allocation strategy, and we are pleased we have been able to deliver additional returns to shareholders by repurchasing shares in the marketplace. Since 2014, we have repurchased over 3.4 million shares at approximately $58 per share,” said President and CEO Tim Boyle. “We remain confident in our long-term sustainable profitable growth potential and ability to increase total return to shareholders in the years ahead.”

The repurchase program does not obligate the company to acquire any specific number of shares or acquire shares over any specified period of time, and the share repurchase program may be commenced, modified, suspended or discontinued at any time by the company at its discretion.