BETHESDA, Md., Dec. 30, 2013 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced today that in the fourth quarter of 2013, it made open market purchases of approximately 8.9 million shares of American Capital common stock, or 3.2% of the Company's outstanding shares as of September 30, 2013. The shares were purchased at an average price of $14.88 per share, totaling approximately $132.5 million.
Starting in the third quarter of 2011, American Capital has made open market purchases of 92.7 million shares, or 26.9% of the Company's outstanding shares as of June 30, 2011, at an average price of $11.39 per share, totaling approximately $1.1 billion. Purchases starting in the third quarter of 2011 through September 2013 were $1.69 per share accretive to the Company's $19.54 net asset value per share ("NAV") as of September 30, 2013. Had these shares not been repurchased, American Capital would have had to earn an additional $469 million during that nine quarter period to have produced the same NAV per share. Accretion from the purchases in the fourth quarter of 2013 will be disclosed in the Company's fourth quarter earnings release.
These share purchases were completed in accordance with the Company's Share Repurchase and Dividend Policy under which American Capital will consider quarterly setting an amount to be utilized for stock repurchases or dividends. Generally, the amount may be utilized for repurchases if the price of American Capital's common stock represents a discount to NAV, and the amount may be utilized for the payment of cash dividends if the price of American Capital's common stock represents a premium to NAV.