M/I Homes (MHO) said Tuesday its board approved a new share repurchase plan to buy back $250 million worth of its shares.

The new authorization replaces the company's prior program which had $107 million of remaining availability as of Jan. 31, the company said.

MHO shares were 2% higher in recent trading.

Price: 119.43, Change: +2.35, Percent Change: +2.01