Ciber board approves plan to repurchase up to $5 million in outstanding stock in 2010

Ciber board OKs up to $5M in stock buybacks

GREENWOOD VILLAGE, Colo. — Outsourcing firm Ciber Inc. said Tuesday its board approved a plan to buy back up to $5 million in outstanding shares this year.

The company repurchased 1.4 million shares in 2009.

The company uses buybacks to support shares being bought through its employee stock purchased program and to mitigate dilution from granting stock options.

Ciber shares fell 12 cents, or 3.2 percent, to close at $3.68. At current prices, the buyback would total up to 1.36 million shares. Ciber currently has 69.5 million shares outstanding.