Piper Jaffray Companies, Minneapolis, said that its board of directors has authorized the repurchase of up to $100 million of the company's outstanding common stock, effective Oct. 1. This replaces the $100 million authorization that expires on Sept. 30. The principal purpose of the share repurchase program is to manage the firm's equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards. The share repurchase authorization expires Sept. 30, 2016. As of July 18, Piper Jaffray had 16.3 million common shares outstanding.