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Wex board OKs stock buyback of up to $150 million

SOUTH PORTLAND, Maine (AP) -- Wex Inc. said Monday that its board approved buying back up to $150 million worth of the company's shares.

Wex, which sells card-payment services to companies, said the repurchases can be made until September 2017.

Companies buy back stock to offset the effect of paying employees in shares and of issuing new stock. It tends to boost earnings per share.

Before the buyback plan was announced, Wex shares fell 8 cents to close at $85.23. The shares have gained 13 percent this year.