NOTE 8 — Stock Repurchase Program
rue21’s Board of Directors has authorized a stock repurchase program granting the Company authority to repurchase up to $50
million of the Company’s common stock. Under the stock repurchase program, the Company may repurchase shares in the open market or through privately negotiated transactions. During the third quarter of 2012, the Company repurchased
332,200 shares of its common stock on the open market at an average price of $27.80 for an aggregate cost of $9.2 million. During Year-to-date 2012, the Company repurchased 828,100 shares of its common stock on the open market at an average price of
$26.75 per share for an aggregate cost of $22.2 million. The Company has not purchased any stock through privately negotiated transactions. At October 27, 2012, the Company has authorized repurchases of $27.8 million of its common stock
remaining under its $50 million stock repurchase program. These shares may be repurchased at our discretion.
In addition to the shares of
common stock we purchased under our $50 million stock repurchase program, we withheld 832 and 12,112 shares during the third quarter of 2012 and Year-to-date 2012, respectively from employees for the payment of taxes, not in excess of the minimum
statutory withholding requirements, in connection with the vesting of shared-based payments. The aforementioned shares have been recorded as treasury stock.