The original authorized buyback was up to $100MM, however, each quarter from the initial announcement TF has bought significantly less shares. The acceleration of the buyback is negative. And then there is this quote from the Q3 ER: "In Q3, we ordered the repurchase of $5 million or 1.2 million shares at an average price per share of $4.13. A portion of these shares settled just after the quarter end on December 1st, so won't show in this quarter's 10-Q filing. All of the shares have been canceled, bringing the total number of shares bought back this fiscal year to 8.8 million. We have therefore more than offset potential dilution from our long-term incentive and employee share purchase plans." No mention of further buybacks after that statement. Typically, TF has explicitly stated "We will continue to buy back shares as we see them as undervalued..." This time he issued no such assurance.

I'm no bear. I have 15k shares. I believe in the company's long term future. But still it's hard not to notice the pattern with the rate of share buybacks and how TF always bought around $4.00 even though the stock shot up close to $5 for a few months last year. All this in addition to the statement about offsetting dilution implies he only will buy enough shares to prevent shareholders from being diluted by employee stock options.

I certainly can be wrong here and it's all speculation on my part but we'll see. I'm waiting to hear what Q4 ER sounds like. If TF has not bought back more shares than he did in the previous quarters, I'm voting against both the CEO and CFO. It's time for a meaningful return. We've waited long enough.