Equity

12 Months Ended

Dec. 31, 2016

Equity

(10) Equity

On May 19, 2015, the Landstar System, Inc. Board of Directors authorized the Company to increase the number of shares of the Company’s Common Stock that the Company is authorized to purchase from time to time in the open market and in privately negotiated transactions under a previously announced purchase program to 3,000,000 shares. As of December 31, 2016, the Company has authorization to purchase 1,036,125 shares of its Common Stock under this program. No specific expiration date has been assigned to the May 19, 2015 authorization. During fiscal year 2016, Landstar purchased a total of 773,281 shares of its Common Stock at a total cost of $50,516,000 pursuant to its previously announced stock purchase program.

The Company has 2,000,000 shares of preferred stock authorized and unissued.