The board of directors of Seattle-based coffeehouse giant Starbucks Corporation has authorised the repurchase of up to 10 million shares of the company's common stock. Since it first instituted a share repurchase plan in September 2001, Starbucks has repurchased a total of 3.5 million shares of its common stock at a cost of US$51.6m under prior authorisation of up to US$60m. Under the expanded plan, shares will be repurchased in the open market at times and amounts considered appropriate by the company based on factors including price and market conditions.