Irvine Builder’s Buyback Could Hit $35 Million

Home builder Standard Pacific Corp. said Friday that its directors authorized the repurchase of up to $35 million of the Irvine company’s stock.

The shares will be bought from time to time on the open market, subject to market conditions, Standard Pacific said in a press release. The company previously had a $15-million stock buyback plan.

Standard Pacific shares have more than doubled in value over the last year but have retreated from their high of $33 on Feb. 6. The stock closed Friday at $20.27, up 36 cents a share, on the New York Stock Exchange.