In 2008 company decided to make share repurchase of 9% stake,.
British American also emphasized that it had made some share repurchases in the first half of the year.
The company spent $5.5 billion in the third quarter alone on share repurchases.
Over the course of 2003, they did a share repurchase, announced plans to split the stock and have increased the dividend.
Like merger activity, corporate share repurchases are at an all-time high.
"In the absence of those needs," he said, "we would return the money through share repurchases."
But when the stock becomes cheap, there is no money to be spared for share repurchases.
But this year, the company said its long-term incentive plan would no longer be adjusted for the impact of share repurchases.
He said the company might have to make additional share repurchases or take other steps.
It also has a greater legal authority to conduct share repurchases of its own stock.