Watsco, Inc.'s board of directors authorized an additional 1.5 million shares that may be repurchased under the company's stock repurchase program, bringing the total authorization to 7.5 million shares. Since initiating the program in October 1999, the company has repurchased 5.0 million shares of its common stock for an aggregate purchase price of $59.6 million, leaving a total of 2.5 million shares that may be repurchased under the program. During 2002, Watsco repurchased 1.6 million shares for an aggregate purchase price of $24.5 million. As of Dec. 31, 2002, Watsco had approximately 26 million common shares issued and outstanding.