What is “share repurchase”?
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares.
Because a share repurchase reduces the number of shares outstanding (i.e. supply), it increases earnings per share and tends to elevate the market value of the remaining shares.
When a company does repurchase shares, it will usually say something along the lines of, "We find no better investment than our own company."