Share Repurchase Program

In August 2011, Fuel Tech’s Board of Directors authorized the repurchase of up to $6 million of its outstanding common shares through December 31, 2012. This initial program was completed in the quarter ended March 31, 2012. In May 2012, the Board of Directors authorized a second repurchase program allowing the Company to repurchase up to an additional $6 million of its outstanding common shares through June 30, 2013 and this repurchase program was completed in September 2012. The share repurchase programs were funded through the Company’s existing cash on hand. Purchases made pursuant to the programs are made in the open market. The timing, manner, price and amount of any repurchases are determined by the Company in its discretion and are subject to economic and market conditions, stock price, applicable legal requirements, and other factors.

During the course of the share repurchase programs, Fuel Tech repurchased an aggregate of 2,306,590 common shares for a total cost of approximately $12,000 including commissions of approximately $76. These acquired shares have been retired and are no longer shown as issued or outstanding shares.

The following table summarizes our share repurchase programs since their inception:



Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cost		Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
Phase One Program
August 25, 2011 through September 30, 2011	571,554	$	5.89	$	3,367	$	2,633
October 1, 2011 through December 31, 2011	130,160	5.71		744		1,889
January 1, 2012 through March 31, 2012	334,636	5.64		1,889		—
Phase Two Program
April 1, 2012 through June 30, 2012	1,124,797	4.70		5,290		710
July 1, 2012 through September 30, 2012	145,443	4.88		710		—
Total	2,306,590	$	5.20	$	12,000	$	—