They tell us "Ideally, we would repurchase as much as 10% of the issued and outstanding shares during the first phase of the program. If successful in achieving our retirement goals in the first phase, we would seek to increase our buyback by as much as 50% in the second phase".

I hate to say it, but that seems ambiguous to me. It could mean the overall goal is 15% - if the 50% percent increase is upon the 10%. It could mean the overall goal is 50% - if the buyback/retirement goal is increased to a total of 50% of the issued and outstanding. Or it could mean the overall goal is 55% - reduce ten percent, then aim to reduce 50% of what remains. I don't mean to be a pest, I just want a clearer restatement somewhere. If they put the phrase 'of the issued and outstanding' behind '50%', it would be unambiguous.

The O/S is partially constituted by treasury shares. The more of those there are, the greater the retirement potential.