Royal Caribbean Cruises today announced that it has completed the $200 million accelerated share repurchase program announced on October 23, 2015. Under the terms of the program, the company repurchased a total of 2,103,288 shares of common stock at a price per share of $95.0892.
The repurchase price was determined based on the average of the daily volume-weighted average prices of the stock during the term of the transaction, less a discount.
The ASR transaction was executed as part of an authorization by the company's Board of Directors to repurchase up to $500 million of common stock. With the completion of the transaction $300 million remains under the share repurchase authorization. The company expects to complete the program by year-end 2016.